Fast-food giants Jollibee and the Japanese food chain Yoshinoya are teaming up, seek to open 50 stores in the Philippines. Known for its beef bowl, the 50-50 joint venture announced Tuesday by Jollibee Food Corp.
“We are truly thrilled to have the opportunity to partner with YIPI and grow the Yoshinoya brand in the Philippines. JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine,” JFC chairman Tony Tan Caktiong said.
The joint venture will have an initial capital of 130 million pesos ($2.7 million) which currently operates three outlets in the Philippines.
"Yoshinoya's food, particularly its signature Gyudon beef bowl, holds very well for delivery," Jollibee said.
"The Philippines remains JFC’s most important market and Yoshinoya will be a strong addition to our presence in the country. I am confident that this is the beginning of a long-term and much larger partnership," it added.
Currently, most restaurants in the Philippines are restricted to between 50% and 75% of dine-in capacity, depending on the areas quarantine status.
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