Despite “historic” losses due to the COVID-19 pandemic, Filipino fastfood chain Jollibee is still aiming to reach its goal of being one of the world’s top restaurant chains.
To counter the impact of the virus, Jollibee has spent P7 billion to upgrade its delivery and online sales platforms.
Jollibee Foods Corporation, the Philippines’ largest restaurant operator, is looking forward to venture out into the world and expanding its foreign reach after COVID-19.
The company is currently at the peak of its acquisition quest, hoping to reach its goal of being one of the world’s top restaurant chains.
After incurring historic losses due to the pandemic, Jollibee, led by its CEO Ernesto Tanmantiong, hopes to open at least 450 restaurants around the world in 2021, while looking for acquisitions that could be funded through its cash and short-term investments totaling to P57.5 billion.
Tanmantiong’s long-term goal is to make Jollibee one of the world’s top five restaurant operators.
However, the COVID-19 pandemic put this goal into a quick halt when the company posted a P11.5-billion net loss. It is the company’s first annual loss in the past three decades.
However, while the fast food chain had to put up with such a big loss, Tanmantiong revealed that the pandemic also brought about a lot of opportunities, and their team is currently studying them.
To counter the impact of the virus, Jollibee has spent a total of P7 billion to upgrade its delivery and online sales platforms.
Now that they are more stable to adapt to the new normal, the group made acquisitions such as The Coffee Bean & Tea Leaf, purchasing it for $350 million in 2019.
Although it is currently in talks with acquiring even more brands, the company would not reveal them just yet as they are doing proper due diligence and assessment.
For now, avid Jollibee customers can expect them to continue expanding abroad and in the Philippines for a second straight year. (Monica Otayza)