The coronavirus pandemic has not stopped Jollibee Foods Corp (JFC) from strengthening its hold over the country’s fast food industry, as it announced today that it had partnered with Yoshinoya International Philippines Inc. (YIPI) to open its “first-ever” Japanese food venture.
JFC told the Philippine Stock Exchange that it entered a 50-50 joint venture with YIPI and that it plans to open 50 stores of its Japanese fast food store “in the long term.” At present, there are only three Yoshinoya stores in the country.
YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd. Other brands run by JFC in the country are Burger King, PHO 24, and Panda Express.
“We are truly thrilled to have the opportunity to partner with YIPI and grow the Yoshinoya brand in the Philippines. JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine,” JFC chairman Tony Tan Caktiong said.
“The Philippines remains JFC’s most important market and Yoshinoya will be a strong addition to our presence in the country. I am confident that this is the beginning of a long-term and much larger partnership,” he added.
JFC lost PHP11.5 billion (US$238.597 million) in 2020 due to the pandemic because lockdown rules prohibit restaurants from operating at maximum capacity.