The Department of Trade and Industry (DTI) expects investment approvals to surpass the P1.5-trillion target for 2023 with several more projects undergoing assessment in the next two months.
Trade Secretary Alfredo Pascual said investments registered at the Board of Investments (BOI) already reached P1.2 trillion.
“We are still targeting to reach the P1.5 trillion, and if I’m not mistaken, we have already reached P1.2 trillion as of October,” Pascual said at the sidelines of the 2023 International Franchise Expo at the SMX Convention Center Manila.
He said the government was exerting efforts to attract more investments despite the global headwinds and their impact on local businesses.
The DTI earlier said most investment approvals consisted of renewable energy projects that saw a big jump in application after the government opened the renewable energy sector to 100-percent foreign ownership.
Meanwhile, Pascual underscored the significance of digital transformation to advance the development of Philippine enterprises. The DTI chief also emphasized the vital role of the franchising sector as a tool to advance economic growth during the International Franchise Expo.
“The Department of Trade and Industry (DTI) and the Philippine Franchise Association (PFA) share similar goals—fostering collaboration, promoting best practices, and driving economic development through franchising. Since its establishment, the PFA has been at the forefront of empowering businesses to grow, fostering job creation, and making significant contributions to the overall development of our nation,” he said.
PFA chairman Sherill Quintana said it has been 12 years since the Philippines hosted the International Franchise Expo in 2011.
“We’re really excited about this, seeing that foreign countries recognize the big potential for franchising in Asia and the Philippines,” she said.
Trending concepts in global franchising shifted to sustainability in products and industry practices.
Quintana said there are a lot of eco products available for franchising—environment-friendly and vegan products like green cosmetics.
She said while the emerging trend in decentralization of moving away from the center of commerce in the cities, businesses now are known to survive even at the barangay level.
“We can see now the opportunities for Filipino entrepreneurs in the countryside. They don’t need to market their products in the big cities. The vibrancy of business can be diffused in the countryside. Another emerging trend that is disrupting the industry is the involvement of more millennials and Gen Zs in the franchising sector,” she said.
The 2023 International Franchise Expo will run from Oct. 27 to 29, featuring over 1,000 brands from 350 local and international companies.