Manila hopes that Malaysia will share its economic wealth with its neighbouring countries to boost regional economic growth.

This was stated by the Philippines Department of Trade and Industry Secretary, Ramon M. Lopez in a meeting with the Malaysian delegation assigned to promote the Malaysian franchise sector, led by Domestic Trade, Co-operatives and Consumerism (KPDNKK) Minister, Datuk Seri Hamzah Zainudin.

Ramon remarked that much could be learnt from Malaysia in the commerce sector as in how it has developed until reaching the 18th rank in the global index, 'Ease in Doing Business'.

"It is also our intention to follow the footsteps of Malaysia in facilitating the trade sector to spearhead the growth of a positive economy while improving the our ranking in the global business index," said Ramon.

Ramon also compared Malaysia's administrative efficiency on business registration with that of the Philippines where it only takes several hours in Malaysia while in the Philippines is takes a painstaking five-day process.

Hamzah said, Malaysia is ready to assist in the sharing of information and expertise needed through its Companies Commission (SSM).

Hamzah was in Manila heading a two-day mission to promote the Malaysian franchise sector and participate in the Franchise Asia Philippines 2016 exhibition that was officiated by the country's vice president, Leni Robredo on Friday.

This marks the second mission that Malaysia has participated this year under the Franchise Malaysia Goes Global (FMGG) 2016 programme, after running a similar mission in Jakarta last month.

KPDNKK had also conducted a market research as well as explored possible avenues of collaboration with agencies involved in the development of the franchise industry in the Philippines.

Other agencies involved included Perbadanan Nasional Berhad, SSM, Intellectual Property Corporation of Malaysia (MyIPO), the Malaysian Franchise Association and 10 local franchise companies.