MANILA, Philippines - Jollibee Foods Corp., the country's top restaurant chain, said Wednesday it planned to set up 280 new stores this year, including 90 in China, as part of a major expansion drive.
The firm is also looking to open 30 other stores in other countries that it did not identify, as well as 160 new branches in the Philippines.
"The rapid expansion this year will be supported by more than P5 billion ($112 million) in funds," listed Jollibee said in a disclosure to the stock exchange, clarifying a newspaper report.
The Jollibee chain has more than 600 restaurants in the Philippines, half of them operated by the company and the other half by franchise-holders.
It also runs 26 stores in the United States and also has outlets in Brunei, Hong Kong, Saudi Arabia and Vietnam.
Jollibee had seen its net profits plunge 8.8% from a year earlier to P631 million in the three months to March due to rising inflation.
"JFC (Jollibee) hopes that commodity prices will stabilize and will not rise significantly more," it said Wednesday.
Jollibee, capitalized at P87 billion, saw its share price close 1.43% up to P85.20 after the announcement Wednesday.
The company has already established a presence in China by taking control of several restaurant chains there, including Hongzhuangyuan in 2007 and Shanghai-based Yonghe King in 2004.
Last year it announced it was taking a majority stake in the firm that owns Chinese fast food noodle chain San Pin Wang.
