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Jollibee Eyes 450 New, Mostly Overseas Stores as It Sees Rebound

Inside Jollibee Restaurants as Fast-Food Chain Targets Overseas Expansion
Photographer: Carlo Gabuco/Bloomberg

Jollibee Foods Corp. will boost capital spending by a fifth to open 450 new stores mostly overseas, as the Philippines’ largest restaurant operator foresees a return to profit this year following its first annual loss in nearly three decades.

The company will spend 12.2 billion pesos ($255 million) this year, up 22% from the 10 billion pesos in 2020. Many store openings this year will be outside of the Philippines, mostly in North America, Vietnam and China, it said in a statement.