EASTERN HIRES FRANCHISING EXPERT FOR EXPANSION PLANS October 4, 2005 By Ira P. Pedras, BusinessWorld Eastern Petroleum Corp. has tapped the services of a franchising consultancy firm to expand its reach into the retail market. In an interview, President and Chief Executive Officer Fernando L. Martinez said Eastern Petroleum has "engaged the consultancy services of [International Franchise Corp. of the Philippines, FRANCORP] because we want a bigger network." The firm is looking at expanding its services, by maximizing entrepreneurial development to 200 Eastern Energy Stations in the next three years. But more than creating a "superbrand" out of the company, Francorp will help intensify the introduction and distribution of alternative fuels like coco-biodiesel, ethanol fuel and autogas or liquefied petroleum gas for transport. Mr. Martinez said oil companies need to push consumers to use alternative fuels to lower the country's oil import bill. "A 10% reduction in the country's fuel bill due to the combined utilization of alternative fuels will result in $70 million a month on foreign exchange savings for the economy and the motoring public," he said. With the help of the expanded Eastern network, the use of alternative fuels "will be popularized," he said. Eastern Petroleum in July said it was suspending its plan to tap the Philippine Stock Exchange pending improvements in the company's financials. Mr. Martinez said the listing will depend on the firm's financial performance this year and the next, and the level of expansion it will pursue. Francorp is an international franchise consulting firm which has advised 8,000 companies and developed over 2,000 frachising programs in various parts of the US, North and South America and Asia. Its local office, on the other hand, has been involved in the global and domestic expansion of top franchise companies such as Jollibee Foods Corp., Chowking, KFC, Bench, Max's Restaurant, Goldilocks, Penshoppe, Julie's Bakeshop and Bo's Coffee Club. BACK TO NEWS INDEX