OFWs encouraged to invest in franchising

The Department of Trade and Industry (DTI), Small Business Corporation (SB Corp), and Philippine Franchise Association (PFA) have formed a partnership to promote franchising as a viable business option.

In a statement, the DTI said the partnership aims to create a thriving franchising ecosystem by providing aspiring entrepreneurs with the necessary tools, resources, and support. 

DTI also said it seeks to encourage overseas Filipino workers (OFWs) and their families to consider franchising as an investment opportunity.

“We aim to create an ecosystem where every Filipino entrepreneur can realize their dreams of establishing and expanding their businesses,” Trade Secretary Cristina A. Roque said.
“This collaboration with SB Corp and PFA will enable us to offer comprehensive support, including training, mentorship, and access to finance,” she adeded.

Under the memorandum of agreement, the DTI will lead initiatives specifically designed for micro, small, and medium enterprises (MSMEs) venturing into franchising. 

These include training programs, facilitating linkages between MSMEs and the PFA, and working with other government agencies.

The partnership aligns with the DTI’s commitment to a “Bagong Pilipinas” by fostering a robust business sector in the Philippines. 

Franchising is seen as a key pillar within the Department’s 5-Point MSME Agenda.

“Franchising is more than just a business model. It is a proven pathway to business ownership for our aspiring entrepreneurs,” Roque said.
“By leveraging established brands and systems, franchising lowers the barriers to entry and increases the chances of success in the global market,” she added.

The PFA, organizer of Franchise Asia Philippines, vowed its support for the DTI’s initiatives and the government’s broader efforts to develop MSMEs. (Derco Rosal)