The joint venture between Jollibee Foods Corporation (JFC) and Panda Restaurant Group, Inc. will initially open five restaurants to bring Chinese-American Panda Express to the Philippines.
JFC, in a disclosure on July 8, 2019, said the initial five stores will be in Metro Manila.
The company said it received the Certificate of Incorporation for JBPX Foods, Inc., a 50/50 joint venture between JFC and Panda, on July 5, 2019, not July 3 as it earlier reported to the Philippine Stock Exchange.
In its statement, Jollibee said JBPX Foods will initially have an authorized capital stock of roughly P250 million (the Philippine peso equivalent of US$5 million) and will initially focus on developing five restaurants in Metro Manila.
“With proven track records in providing great tasting food at a great value, JFC and Panda join hands to introduce American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles, to the Philippines,” Jollibee said.
“The two restaurant giants aim to deliver exceptional dining experiences through their shared foundation and commitment to their dedicated employees, loyal guests, and great operations,” it added.
Panda Express is the biggest family-owned and operated Chinese American restaurant concept with over 2,000 restaurants globally and more than 35,000 workers.
Jollibee said it expects broad acceptance of Panda Express across the country.
Jollibee operates quick-service restaurants under the trade names "Jollibee", "Chowking", "Greenwich", "Red Ribbon", "Mang Inasal", and "Burger King".
It has brought into the Philippines international brands like "Highlands Coffee", "Pho 24", "Smashburger" and "Dunkin' Donuts".
Jollibee operates more than a thousand stores nationwide and about 200 stores overseas. Shares closed at P285 apiece on July 5, 2019. (Ventures Cebu)
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