MANILA - The local operator of convenience store giant 7-Eleven, Philippine Seven Corp., said Wednesday it will spend P3.5 billion this year as it continues to expand its store network in the country.

The company plans to open 412 stores this year as it aims to grow its store network 20 percent annually over the next few years, Philippine Seven president and chief executive officer Jose Victor Paterno said.

Out of the 412 planned stores, half will be company-owned stores while the other half will be offered for franchise.

"Consumption remains strong and we remain bullish on the consumer sector," Paterno said.

Most of the new stores will be opened in Luzon; 50 in Visayas; and 50 in Mindanao.

Philippine Seven currently has 2,000 stores across the country.

Philippine Seven shares were up 1.93 percent to P148 on Wednesday.