MANILA, Philippines — Jollibee Foods Corp. (JFC), the largest listed food conglomerate, will bring the Panda Express brand to the Philippines.
Panda Express is America’s largest family-owned and operated Chinese American restaurant concept.
JFC said the deal would be a 50/50 joint venture, which would initially develop five stores in Metro Manila.
Panda, known as a globally-influenced cuisine with authentic Chinese culinary principles, is excited to make its foray in the Philippines, said Andrew Cherng, co-founder and co-CEO of Panda.
“We feel fortunate to be partnering with a company that has a history of growing and adding significant value to its new businesses,” Cherng said.
The two restaurant giants aim to deliver exceptional dining experiences through their shared foundation.
“We look forward to tapping into JFC’s market expertise to grow the Panda Express brand into a household name in the Philippines and, more importantly, actioning our shared value of inspiring people to better their lives,” Cherng said.
JFC chairman Tony Tancaktiong also welcomed the new venture.
“We are thrilled about this relationship between Panda and JFC. Starting from a single restaurant in a California mall to becoming a restaurant chain of over 2,100 stores, Panda Express is a strong brand with a growing global footprint,” he said, adding that it is very much in line with JFC’s brand portfolio.
Panda Express has a high potential for broad acceptance across the country, Tancaktiong added.
At present, JFC already operates the largest food service network in the Philippines, with 2,988 restaurant outlets in the country as of the end of August.
These include 1,103 Jollibee outlets, 547 Chowking stores, 279 Greenwich and 443 Red Ribbon shops. The rest are Mang Inasal (517), Burger King (98) and PHO24 (1).
Abroad, JFC operates 1,336 stores: Yonghe King (China) 311, Hong Zhuang Yuan (China) 41, Dunkin’ Donuts (China) 15, Jollibee 220 (Vietnam 105, Brunei 16, Hong Kong 8, Singapore 6, Macau 1, United States 37, Canada 4, Saudi Arabia 13, UAE 14, Qatar 7, Kuwait 6, Bahrain 1, Oman 1, Italy 1), Red Ribbon in the US 32, Chowking 47 (US 15, UAE 21, Qatar 4, Oman 2, Kuwait 3, and Saudi Arabia 2), Highlands Coffee 282 (Vietnam 244, and Philippines 38), PHO24 32 (Vietnam 16, Indonesia 16), Hard Rock Cafe 8 (Vietnam 2, Hong Kong 3, and Macau 3); and, Smashburger 348.
The JFC Group’s worldwide store network expands over more than 4,324 stores.
Panda Express, meanwhile, is part of the family owned and operated Panda Restaurant Group, the world leader in Asian dining experiences that also includes Panda Inn and Hibachi-San.
It is present throughout the US, Puerto Rico, Guam, Guatemala, El Salvador, Aruba, Canada, Mexico, Dubai, Saudi Arabia, Korea, Japan and Russia.