Jollibee in expansion mode
Jollibee Foods Corporation (JFC) plans to open 200 new restaurants before the year ends.
The Filipino fast food chain operator says 100 of the outlets will open in the Philippines and the rest abroad.
“For Jollibee Foods Corp, we have alloted a capex of 5.5 billion pesos ($123.3 million) in expenditure this year and that number has not changed despite the recent volatility and drop in value of the stock market and the depreciation of the peso,” said CFO Ysmael Baysa.
Most of the overseas openings will be in China, Vietnam and the US.
JFC, whose portfolio includes Jollibee, Chowking, Yonghe King, Burger King, Red Ribbon, Mang Inasal and Greenwich, has 2102 domestic stores and 569 overseas.