FAST-FOOD giant Jollibee Foods Corp. is bringing America’s largest family-owned and operated Chinese food chain Panda Express to the Philippines, diversifying its food retailing portfolio.
In a disclosure to the Philippine Stock Exchange on Thursday, JFC announced that it had entered into a 50-50 percent joint venture with Panda Restaurant Group Inc. to bring the brand to the local market.
The partnership seeks to introduce to the local market American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles.
In its initial phase, the partnership intends to focus on developing five stores in Metro Manila.
“We feel fortunate to be partnering with a company that has a history of growing and adding significant value to its new businesses,” said Andrew Cherng, co-founder and co-chief executive officer of Panda.
“We look forward to tapping into JFC’s market expertise to grow the Panda Express brand into a household name in the Philippines and, more importantly, actioning our shared value of inspiring people to better their lives.”