Jollibee Foods Corp., the largest Philippine restaurant operator, is looking toward foreign expansion and “opportunities” created by Covid-19 as it rebounds after historic losses induced by the pandemic.
After a restructure amid last year’s setback, Jollibee CEO Ernesto Tanmantiong plans to open 450 restaurants around the world this year while looking for acquisitions that could be funded with the company’s 57.5 billion pesos ($1.2 billion) in cash and short-term investments.
Tanmantiong still hopes to achieve a long-term goal of turning the Manila-based company into one of the world’s top five restaurant operators. Jollibee posted a 11.5 billion peso net loss last year — its first annual loss in at least three decades — as dining out was hammered by the virus.
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