They are looking to open 50 stores in the Philippines in the long term.
Restaurant chain Jollibee Foods Corporation (JFC) has made a 50/50 joint venture with beef bowl business Yoshinoya International Philippines, Inc. (YIPI) to operate and expand the Yoshinoya brand in the Philippines, a bourse filing revealed.
Yoshinoya is going to be JFC’s first-ever Japanese food chain. The joint venture has expressed plans to open 50 stores in the Philippines in the long term.
The joint venture company will be the franchisee for Yoshinoya in the Philippines. The JV Company will initially have an authorized capital stock $2.68m (PHP130m). They are looking to take advantage of the strong demand for food delivery through the brand.
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