Philippine fast food chain to open 100 more stores in China
Tuesday, September 6th, 2011Beijing, China (AHN) – The chairman of the largest fast food chain in the Philippines disclosed on Wednesday that the company will expand operations in China in 2012 by opening 100 more stores.
Jollibee Foods Corp. Chairman Tony Tan Caktiong is in China as part of the 270-member delegation of Filipino businessmen that Philippine President Benigno Aquino took with him to Beijing to seek trade opportunities and ties.
Jollibee, a Filipino-owned hamburger chain, has surpassed U.S. fast food chain giant McDonald’s in the Philippines in terms of sales and number of stores. The company, known for its red-and-black bumblebee mascot, has one outlet in Hong Kong, 51 Hong Zhuang Yuan branches and 226 Yonghe King stores in mainland China.
Like its Philippine operations, which is a consistent money-maker for the company, Jollibee’s China operations registered a 28 percent growth in the first half of 2011.
Besides its operation in China, the company inked in May an agreement with a Vietnamese company to own and operate several dining establishments in Vietnam, Hong Kong, Macau and southern China.
Meanwhile, Philippine Foreign Secretary Albert del Rosario signed on Wednesday a five-year development program for trade and economic cooperation expected to boost two-way trade between Beijing and Manila to $60 billion by 2016.
The signing of the agreement, including a memorandum of understanding between the Philippine and Chinese foreign affairs offices and another cooperation agreement between the People’s Television Network and China Central Television, was witnessed by Aquino and Chinese President Hu Jintao.
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