MANILA, Philippines--Sustained consumer spending and the tourism boom are seen driving further growth in the franchising industry despite skyrocketing prices of food and fuel, according to the Philippine Franchise Association.

PFA chairman Alegria S. Limjoco said in a statement the domestic franchise industry was "safely nestled in a consumption-driven economy powered by the remittances of overseas Filipinos and the booming tourism and property sectors."

"On the demand side, we have a large young consumer population and a high-end global tourism market driving consumption to sustained growth levels," Limjoco said.

"On the supply side, we have a booming property sector that provides the franchising industry the commercial spaces and new urban growth centers to expand to," she added.

Limjoco said that with such prospects, the PFA would be holding in July its 16th Philippine International Franchise Conference & Expo at the SMX Convention Center.

She said the expo was designed for new entrepreneurs, budding enterprises, and established small and medium enterprises that are looking for lucrative but stable businesses with long-term prospects for growth and expansion.

She said the country's improved economy and the bright prospects over the short and long term could even make 2008 a banner year for franchising.

In 2007, the expo generated transactions worth P318.5 million, up 29 percent from 2006.