Philippine Seven Corporation, the local operator of the convenience chain 7-Eleven, plans to open its 1000th store in the fourth quarter of this year.

The company, which currently operates 800 outlets, will allocate 2 billion pesos (US$49 million) to open 200 new stores this year.

“We’re investing a lot this year, We’re doubling our business,” said Philippine Seven Corporation president Jose Victor Paterno.

“We intend to hit our 1000th store sometime in the fourth quarter. Hopefully earlier than later,” he added.

Paterno said the company is optimistic this year as its sales last year have gone up when the government implemented the Sin Tax Reform Law, which increased the taxes on alcohol and cigarettes.

“The year has started out very well for us. We are actually beneficiaries of the sin tax law. Basically, prices of cigarettes have gone up and that means more revenues,” said the president.

GB