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RP’s Jollibee get CRM nod
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Posted on Jul 21 1999
The Coastal Resources Management has given Jollibee Foods Corp., the Philippines’ largest fastfood chain, the go signal to proceed with the construction/renovation of its planned establishment in the former Liberty Plaza building beside Kristo Rai Church.
Franchise for Jollibee Saipan is owned by local company YCO Corp., which also operates Liberty Plaza Shopping Center and YCO Hardware.
Jollibee, the fastest growing fastfood chain in the Philippines is expected to begin operation in November this year.
Founded in 1978 in Manila as an ice cream parlor, Jollibee has built a 290-restaurant empire in the Philippines easing outselling McDonald’s while capturing half of that country’s overall-fastfood market.
In recent years, Jollibee has opened branches in 12 countries, including China, Vietnam, Papua New Guinea and Saudi Arabia.
It’s first U.S. venture has met with such vigorous response in Daly City, where one-third of the 110,000 residents are Filipino descent, that the company is now seriously considering opening in several other California cities.
While Jollibee has been able to sustain its growth and profitability in the domestic market, it encountered a lot of problems in its globalization bid. In Indonesia, the economic and political turmoil forced the management to defer the establishment of five new stores while the five existing stores were forced to close during the two weeks of upheaval prior to the resignation of former President Suharto.
The company has now retired all of the $28.9 million in dollar-denominated debt it borrowed from a consortium of banks in 1996.
