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JFC gets SEC OK to operate Yoshinoya stores in Philippines

Iris Gonzales (The Philippine Star) - June 23, 2021 - 12:00am

MANILA, Philippines — Jollibee Foods Corp.’s joint venture company with Yoshinoya International Philippines Inc. (YIPI) received the green light from the Securities and Exchange Commission,  marking the fastfood giant’s  first Japanese food acquisition.

The SEC has issued the certificate of incorporation of Yoshinoya Jollibee Foods Inc., a 50-50 joint venture between

JFC and Yoshinoya which will operate the Yoshinoya brand in the Philippines.

Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands globally, with over 2,000 stores worldwide.

YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System.

As part of the conditions precedent to the incorporation of the joint venture company, YIPI secured approval as a foreign retailer from the Board of Investments on May 5.

JFC said the Yoshinoya brand would be a strong addition to the foreign franchised brands it currently operates in the Philippines namely: Burger King, with 98 stores; Vietnamese’ PHO 24 with one store and Panda Express, with one store.

These brands contribute 3.5 percent to the Philippine business’ system wide sales.

However, JFC said Yoshinoya’s contribution to JFC’s system wide sales would not be significant yet as it has very limited number of stores, but it has huge opportunity to increase sales by taking advantage of the strong demand for food delivery. Yoshinoya’s food, particularly its signature Gyudon beef bowl holds very well for delivery.

JFC plans to have close to 400 stores for its foreign franchised brands in the Philippines.

It sees high potential for broad acceptance across the country for these foreign franchised brands as it expects the expansion of the upper middle class in the country over the long-term.

JOLLIBEE FOODS CORP.
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