Jollibee eyes China, US as next 'pillars of growth'

ABS-CBN News

Posted at Sep 16 2019 04:48 PM

Customers dine in a branch of Jollibee in Manila, Philippines, August 23, 2019. Eloisa Lopez, Reuters

MANILA - Jollibee Foods Corp on Monday said it planned to have 3 strong pillars of growth, namely the Philippines, China, and the US. 

Jollibee intended to grow its foreign business faster than its local units, the country's largest fastfood chain operator said in a disclosure to the stock exchange. 

"The long-term goals of JFC are to have 3 strong pillars of growth – Philippines, China and USA. However, it does not mean that the Philippine business will slow down, the intention is to have its foreign business grow faster than its Philippine business," JFC said.

JFC aims to fulfill this goal in "10 years or more," the statement said. 

The group has been growing its footprint in the US, with its most recent acquisition of Coffee Bean and Tea Leaf in a deal worth a total $350 million (P18 billion).

Last year, Jollibee took a 47-percent stake in Mexican chain Tortas Frontera. It also took full ownership of US-based burger chain Smashburger.

Jollibee may also open its first store in China in the near future, its CEO Ernesto Tanmantiong said in an earlier interview with CNBC. The group operates the Dunkin Donuts franchise in China. 

In the Philippines, Jollibee, Chowking, Greenwhich, Red Ribbon, Mang Inasal, and Burger King stores are part of the JFC portfolio.