Jollibee Foods Corporation is planning to open a total of 950 stores globally in 2021 to 2022, consisting of the various brands it owns in the Philippines and overseas, as it banks on the economic recovery following aggressive vaccination programs.

During the firm’s annual stockholders’ meeting, Jollibee Chief Executive Officer Ernesto Tanmantiong said they plan to open 450 stores this year and increase this to their pre-pandemic level of at least 500 stores next year.

For 2021, he said they are allotting P12.2 billion for capital expenditures, their highest in history, with a focus on expansion in countries that are leading the pack in recovery such as in North America, China, and Vietnam.

The capital expenditure budget will be funded by internally-generated cash as well as proceeds from the issuance of bonds.

Tanmantiong said they are also confident of recovery in the domestic market as the government accelerates its vaccination drive.

“Our international business now accounts for 30 percent of our global system-wide sales and we expect this to reach 50 percent in three years which will mean we have achieved our target of 50-50 domestic and international sales,” he noted.

Jollibee’s P12.2 billion capex budget for 2021 is 22 percent higher than the actual spending in 2019 of P10 billion.

JFC continued to make progress on reopening stores that had been closed temporarily. As of December 31, 2020, 96 percent of the group’s worldwide outlets were already operating: 100 percent of stores in China and EMEAA, 98 percent in the Philippines, 94 percent in North America, 95 percent for SuperFoods and 90 percent for CBTL.

Tanmantiong said “We look forward to sustained recovery of the business as the world gradually returns to normalcy, aided by the introduction of new vaccines.”

He added that, “We aim for very strong sales and profit recovery in 2021 versus 2020. In 2021 and the years ahead, JFC’s sales and profit growth will be driven by its international business. We believe that out of this pandemic, we will emerge as a stronger business and organization.”