VENTURE INTO PHILIPPINESOne of the largest franchise markets
in Southeast Asia.
24th of June 2023
Here’s what you must know about Philippines:
Economy
- Strong economic performance and the second fastest in ASEAN.
- Accelerated economic growth as the country’s economy grew by 5.7% in 2021 higher than the government’s target range of 5 to 5.5%.
- Stable political situation and resilient economy due to less exposure to troubled international securities, lower dependence on exports, resilient domestic consumption, large remittances from Filipino workers and migrants, and a rapidly expanding services industry.
People
- Home to over 114 million people, with over 60% of the population in the working-age group.
- The country has a ready, steady, trainable, and highly skilled workforce to accommodate business needs, with a literacy rate of 94.6%. Furthermore, the Philippine workforce also has a high proficiency in English.
Opportunity
- There are 4 million daily consumers who dine and shop in Metro Manila alone, while visitors flock to stores to buy in bulk and bring goods back to their provinces.
- The Philippines is considered a good market for franchises due to the country’s growing middle class. In addition, the Philippines is the 7th largest franchise market in the world and one of the largest franchise markets in the Southeast Asian region.
- According to the Philippine Franchise Association (PFA), franchise investors are looking for new opportunities in wellness (spa, gym, anti-ageing centres), health (dental, optical, primary care), and retirement (retirement homes and travel/tourism opportunities) sectors.
- Unique concepts and good pricing would be more advantageous in finding a capable local partner.
23rd of June 2023
Join our Deal Hunter Program in the Philippines and find your matches!
Some popular brands that have entered Philippines:
