Jollibee planning growth despite economic crisis
Jollibee plans to reserve PHP2.5 billion (USD52 million) to fund possible acquisitions during 2009 in the Philippines. Tony Tan Caktiong, Jollibee’s Chairman and Chief Executive said: "We may look at the US, but not necessarily focus our efforts there. There might be some bargains." According to Tan, it is still too early to determine the impact of the global crisis on the Philippines, but he is optimistic on the company’s ability to face the storm. During the Asian financial crisis, Jollibee continued its expansion with 85 new restaurants in 1997 and 111 in 1998. In 2008, Jollibee opened 147 new outlets, the most number of new restaurants in its 30-year company history, both in the Philippines and overseas. Tan added: "There will be enormous opportunities for our businesses to grow in the medium to long term. We continue to invest at the worst times." According to the company, in 2009 sales are expected to grow at a steady rate, with higher profits due to easing commodity prices. Capital expenditures in 2009 should match the PHP4.2 billion (USD87.3 million) spent the previous year.
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