First opened in Glendale, California during the 1980’s, Panda Restaurant Group Inc. will work together with Jollibee in a 50/50 joint venture deal intending to focus on developing five stores in Metro Manila in its first stage.
The joint venture company will be granted a capital stock of Php270,000,000 which is approximately $5,000,000 with support for its management coming from Jollibee Foods.
Panda Express, which serves mostly Chinese dishes such as the award-winning Honey Walnut Shrimp and their own original recipes, has more than 2,100 locations around the United States, Puerto Rico, Guam, Japan, Russia, Mexico, and even Korea among others.
In contrast to Panda Express’ success, Jollibee has a worldwide store network of 4324 as of August 31 ever since Jollibee decided to extend their business on a wider scale which goes outside the Philippines.
Andrew Cherng, co-founder and co-CEO of Panda, said that they look forward to tapping into JFC’s market expertise to grow and establish the Panda Express brand into a household name in the Philippines and auctioning their shared value of inspiring people to better their lives.
JFC’s chairman Tony Tan Caktiong is confident in providing great tasting food and introducing American-Chinese food at the right value to the Philippines. An exquisite and unique taste should be expected by the Filipino people.