MANILA, Philippines – Local fast food giant Jollybie Foods Corp. (JFC) plans to further expand its capital by 2022 by selling preferred shares as expected at pre-academic rates worldwide, up to 20 billion pesos over the next three years. At a June 26 meeting of the company’s shareholders, JFC Chairman Ernest Tanmanesung added that the group could achieve its long-term goal of splitting 50-50 percent of total revenue between the Philippines and offshore businesses in three years. About 40 percent of the business comes from foreign activities.
In this 2021, Tanmanshong said that at least 450 new stores JFC’s various restaurant brands will be opened here and abroad as a record P12.2 billion capex from domestically produced funds and financial investments. “By 2022, when the world returns to normal, we expect to open at least 500 stores, similar to what we were doing before the epidemic, and perhaps more than 500 in the years to come,” Tanmanshong said.
As China and the U.S. recover faster from the epidemic than other highways in the United States, he said international business is likely to increase JFC’s sales and profit trends. The Philippines is also recovering from the lifting of the lockdown restrictions, he said, adding that JFC could accelerate the expansion of new stores in the coming months. In the midst of an epidemic that began to hit JFC hard in 2020, encouraging the group to simplify operations and close nonprofit stores, JFC has so far opened a total of 338 new stores: 81 in the Philippines and 257 abroad. This is the first time in history that a local store deployment has surpassed a foreign store opening.
JFC, one of the most valuable restaurant chains in Asia, operates 17 brands in 33 countries. At the end of May, it operated 5,815 stores worldwide, of which 3,209 were in the Philippines and 2,606 abroad. It has 402 stores in China, 347 in North America and 531 stores through superfoods, mainly in Vietnam. The largest brands of the group sold worldwide are Jollybee with 1,492 stores, Coffee Beans and Tea Leaves with 1,052, choking with 616, Mong Insal 585 and Highlands Coffee with 468. The group hoped that about 90 percent of their employees would be vaccinated and increase their chances of recovery, said JFC President Tony Tan Kaksang.