MANILA, Philippines - Local franchisers are urging the newly-elected senators to help small and medium enterprises (SMEs) create more jobs to sustain the robust economic growth in the first quarter of the year.
Armando Bartolome, president of the Association of Filipino Franchisers Inc. (AFFI), said SMEs are banking on the new members of the Senate to help further boost the country’s economy by pushing for laws to help the small business sector strengthen opportunities that would create jobs and expand proprietorship.
The newly proclaimed senators who have advocated entrepreneurship include Alan Peter Cayetano, Bam Aquino, Sonny Angara and Cynthia Villar.
Bartolome said business franchising is an innovative business model that also encourages new business growth.
He pointed out that franchisors make it possible for entrepreneurs to invest in trademarks, business systems and in branded businesses independently and the franchisors get an initial fee from the franchisee.
“So, the overall operational support gets enhanced and the business can be sustained during difficult times. So, franchising opens scope for small businesses to surge,†he added.
The group is calling for the revival of Senate Bill 1330 filed by Sen. Manuel Villar in June 2010. The proposed law calls for the establishment of the Small and Medium Enterprises Stock Exchange (SMEX).
The creation of the SMEX would assist SMEs obtain their financing requirements from the developing capital market. SMEX would help SMEs raise funds for working capital and expansion projects.
Bartolome said supporting SMEs would help create jobs as latest data from the National Statistics Office (NSO) showed that the country’s jobless rate stood at 7.1 percent as of January this year.
The AFFI, through the support and partnership of the Philippine Center for Entrepreneurship, recently presented the Magandang Business Advice (MBA Forum), focusing on the importance of the franchise industry.