Jollibee plans to open stores in UK, Malaysia, Indonesia

Warren de Guzman, ABS-CBN News

Posted at Jun 29 2018 03:31 PM | Updated as of Jun 29 2018 03:58 PM

Jollibee plans to open stores in UK, Malaysia, Indonesia 1
A Jollibee branch in Mandaluyong City is shown in this photo. ABS-CBN News

MANILA -- Jollibee said plans to build 500 new stores, including in new markets like the United Kingdom, Malaysia and Indonesia as part of a P12-billion spending plan, its CEO said Friday.

Up to P7 billion of the total capital expenditures programmed for 2018 will be used to build new stores and renovate existing ones. The rest will be spent on commissaries, Jollibee said.

The peso's weakness against the dollar will boost profits of Jollibee's overseas business, even as it increases costs domestically, said Jollibee CEO Ernesto Tanmationg.

"The business had shown resilience in the past and we expect it to continue to do so. We expect revenues and profit to continue to at least sustain its historical growth rates in 2018 and in the years ahead," he said.

Jollibee has 4,239 stores as of May, spread in 21 territories across 12 brands.