By James A. Loyola
JBPX Foods (JV) Inc., a 50-50 joint venture, between Jollibee Foods Corporation (JFC) and Panda Restaurant Group, Inc., is opening the Philippines’ first Panda Express restaurant in SM Megamall, Ortigas Center, Pasig City.
Panda Express has successfully popularized American-Chinese cuisine through authentic Chinese recipes adapted to global tastes, setting the brand up as the largest Asian dining concept in the US and the largest American Chinese concept in the world.
To date, Panda Express has more than 2,000 restaurants all over the world, and with close to 39,000 associates.
Outside of the US, it is present in Canada, Guatemala, Aruba, Japan, Mexico, El Salvador, South Korea, Russia, Saudi Arabia, and the United Arab Emirates.
Jollibee said the 50-50 joint venture has an initial capital of P250 million. In its initial phase, the two industry leaders intend to focus on developing five stores in Metro Manila.
“With proven track records in providing great tasting food at a great value, JFC and Panda join hands to introduce American Chinese food, a globally influenced cuisine inspired by authentic Chinese culinary principles, to the Philippines,” Jollibee said.
It added that, “the two restaurant giants aim to deliver exceptional dining experiences through their shared foundation and commitment to their dedicated employees, loyal guests, and great operations. Long-term, Panda Express has a high potential for broad acceptance across the country.”
Profit sharing shall be in accordance to the 50-50 ownership. The JV Company shall have its own management with JFC providing support.