- The Straits Times
Filipino fast food chain, Jollibee, is on a global expansion trail and has set its sights on Malaysia, Indonesia and the United Kingdom.
Closet to home, the location of the first Malaysian store is set to be in Sabah, where there is a sizable Filipino migrant community.
“For Malaysia, we are doing it first in the eastern part, Kota Kinabalu. There are a lot of Filipinos (there) so we first focus on the Filipinos and then start spreading“, Jollibee founder and chairman Tony Tan Caktiong told website 4-Traders.
The CEO of Jollibee, Ernesto Tanmantiong, added that the plan will be to build 500 new stores in total, according to ABS-CBN.
A budget of $131 million has been set aside for the cost of this expansion plan, as well as to renovate existing stores.
The weakness of the Peso will also help to boost profits of Jollibee’s overseas business, even as it increases costs domestically, Mr Tanmationg said.
“The business had shown resilience in the past and we expect it to continue to do so. We expect revenues and profit to continue to at least sustain its historical growth rates in 2018 and in the years ahead”, he added.
Jollibee is known primarily for its signature fried chicken, with spaghetti and hotdogs also featured on their menu.