The local franchising industry is targeting a conservative 20 percent growth this year, to be fueled largely by an expected increase in investments made by overseas Filipino workers (OFW).
More OFWs are now said to be looking for such investment opportunities in the Philippines, following the aggressive programs implemented by the Philippine Franchise Association (PFA) and Association of Filipino Franchisers Inc. (AFFI).
According to fast-food firm Binalot, a member of PFA and a founding member of AFFI, local brands may still find growth as the market for goods and services is pushed by the strong peso, even with the increased competition brought on by the booming franchise industry.
With the strong economy, people have more buying power, it said in a statement.