Over 70 percent of franchise businesses incurred losses and had to trim their workforce as they were hit hard by the pandemic, the Philippine Franchise Association said.
During the 42nd National Conference of Employers organized by the Employers Confederation of the Philippines last week, PFA president Sherill Quintana said majority of those part of the franchise sector was greatly impacted by the pandemic.
She said 79 percent reported losses of over 75 percent due to the pandemic.
She said the franchise sector was supported by the different programs implemented by the government in response to the pandemic.
Among the programs are the loans extended to employers through the Small Business Corp.’s COVID-19 Assistance to Restart Enterprises program, Department of Labor and Employment’s COVID-19 Adjustment Measures Program, as well as the mandatory grace period for loans with banks through the Bayanihan to Heal As One Act.