Makati City, Philippines—To further empower Filipino enterprises through franchising, Department of Trade and Industry (DTI) Secretary Cristina A. Roque signed a memorandum of agreement with Small Business Corporation (SB Corp) and Philippine Franchise Association (PFA) on October 1.

The strategic partnership targets to cultivate a thriving franchising ecosystem for aspiring entrepreneurs by providing them with the necessary franchising tools and resources. Furthermore, it seeks to promote franchising as an investment option for overseas Filipino workers and their families.

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

Under the memorandum, the DTI will spearhead initiatives specifically designed for MSMEs venturing into franchising. These include training and development programs, facilitating linkages between the micro, small, and medium enterprises (MSMEs) and the PFA, and working with other relevant government agencies.

Additionally, the strategic partnership underscores the DTI’s commitment to a “Bagong Pilipinas” by fostering a robust business sector in the Philippines, with franchising 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. By leveraging established brands and systems, franchising lowers the barriers to entry and increases the chances of success in the global market,” the trade chief stated.

During the signing ceremony, Secretary Roque lauded the SB Corp and the PFA for their unyielding efforts to support MSMEs. “The SB Corp’s tireless efforts in providing financial assistance and the PFA’s unwavering dedication to ethical franchising are crucial in enabling them to expand their operations and reach their full potential.”

The PFA, organizer of Franchise Asia Philippines, pledged to support the DTI’s five thrusts and the government’s broader efforts to develop the MSMEs. This collaborative effort is a significant component of achieving President Ferdinand R. Marcos Jr.’s vision of a Bagong Pilipinas, where empowered MSMEs serve as key drivers of economic development. ♦

Date of Release: 18 October 2024

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