The trade secretary of the Philippines, Cesar V. Purisima, yesterday said more people should start up small- and medium-sized enterprises, particularly through franchising, to help rev up the economy and reduce poverty.
"The promotion of SMEs is a cornerstone of the Department of Trade and Industry's programs," Purisima said. "It is also at the heart of [President Macapagal-Arroyo's] economic agenda."
"I view franchises as a multiplier of SMEs," the official added. "One way of increasing the 800,000 existing SMEs is through franchising."
Purisima made the remarks in a forum hosted by the Association of Filipino Franchisers Inc., which is initiating the 3rd Filipino Franchise Show at the SM Megamall on July 2-4.
Franchising is a business option where an entrepreneur may buy the right to sell the services or products of an established company and to use its name.
