Retirees now among top franchise buyers

CEBU, Philippines —  Retirees are now the top buyers of franchise businesses in the Philippines.

According to Philippine Franchise Association (PFA) chairman emeritus Samie Lim Pinoy retirees are now putting their money on franchise businesses, making them one of the top targets of companies and brands, which are offering franchises.

Lim, who was in Cebu to grace PFA’s two-day exhibit dubbed “Franchising Negosyo Para sa Cebu 2019” held at the Ayala Center Cebu, said that PFA started to conduct seminars in corporate offices around the country to introduce franchising as a potential of business after retirement.

“Retirees have a lot of money. They have all the time in the world to take care of the business and make their retirement money grow,” said Lim.

Retirees are joining the young people, the newly married and those who just graduated, which are the traditional big markets for franchise businesses.

“Franchise has become a national phenomenon,” said Lim explaining that more Pinoy (across ages) are now embracing entrepreneurship as good investment, and franchise is on top of their consideration, rather than starting a business from the scratch, which is more susceptible to failure.

Overseas Filipinos, who are returning to the Philippines for good are also putting their money in franchise, Lim added.

“Franchise Negosyo Para sa Cebu”, held last June 21 to 22, was part of PFAs regional franchise roadshows to promote entrepreneurship via franchising. The event was also part of the Cebu Business Month (CBM 2019) organized by the Cebu Chamber of Commerce and Industry.

Aside from exhibits, which showcase brands offering franchise from Manila and from Cebu, PFA also conducted seminars like, “how to franchise your business”; “how to invest in the right franchise”, among others.

About 40 brands joined the exhibition, which include, among others; Body & Sole Spa, Mr. Quickie, Dessert Factory, Julie’s Bakeshop, Kettle Corn, 7-Eleven, Phoenix LPG, Mr. Potato, Master Siomai, Snack-A-Track, Binalot.

Today, Philippines is the seventh country with the highest number of franchise brands, following Korea, India, United States, Taiwan, Brazil and France.

“Filipino brands are expanding rapidly. There are about 30 Filipino global brands in the world right now.”

The Philippines hopes to see at least 100 Filipino global brands in 2022.

PFA is the country’s pioneer franchise group, which aims at pushing the development of the Philippine franchising sector as an important contributor to inclusive development through the promotion of franchising as a tool for enterprise creation and job generation. (FREEMAN)