Jollibee not losing focus on Philippines market

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January 16, 2026 | 12:00am

While U.S. listing in the works

MANILA, Philippines — Asian food conglomerate Jollibee Foods Corp. intends to continue growing aggressively its footprint in the Philippines while working on a planned listing of its international business as an independent company on a US securities exchange by late next year.

Jollibee Group chief financial officer Richard Shin said the group sees immense opportunities to further expand in the Philippine market, which is why it will remain listed on the Philippine Stock Exchange amid the planned spin off and US listing of its international business.

“Philippines business is a vibrant, robust business that continues to grow in a very dynamic consumer market where we believe our products, our positioning, our services that we provide through our restaurants and cafes is such that there’s ample room for growth,” Shin said in a virtual briefing yesterday.

“We’re far from saturated in the Philippines, this is still very dynamic and a growth business in the Philippines.  Therefore it will still remain a very attractive investment, and hence we’ll keep our domestic business listed on the Philippine Stock Exchange,” he said.

As of end-September 2025, the Jollibee Group’s total store network stood at 10,304, composed of 3,445 branches in the Philippines and 6,859 abroad.

The group is one of the world’s fastest-growing restaurant companies, with homegrown fast-food giant Jollibee as its flagship brand.

Shin said the planned separation reflects the increasing distinct strategic profiles of the group’s international and Philippines businesses, both of which have expanded across geographies and brands with diverging growth trajectories, operating models and capital intensity.

He said the move seeks to simplify and enhance transparency by moving away from the previously complex and consolidated structure.

“The contemplated transaction aims to unlock value through structural clarity, allowing investors to assess each business on a standalone basis with improved transparency,” he said.

According to Shin, the group will pursue a US listing for its international business because US capital markets have a deep investor base experienced in valuing global consumer and restaurant growth companies.

He said the US also has the highest market capitalization food and beverage companies.

“The US listing aligns JFC with the largest capital market, liquidity access and supports valuation discovery,” Shin said.

In terms of impact to shareholders, Shin assures investors that the proposed transaction is designed to preserve shareholder value and ownership, while ensuring full regulatory compliance, robust governance oversight and protection of shareholder rights.

Post-separation, each business will operate as a full independent entity, having its own board, management team and operating model with clear accountability and decision-making authority.

“The business units will gain greater flexibility and resources to compete effectively, supported by a more agile and streamlined organization. Shared services will be utilized where practical, in compliance with arm’s-length requirements,” Shin said.

“The separation does not affect customers, store operations, or franchisees. Business continuity is assured to support execution of growth strategies,” he said.

Shin said that the 2027 execution window of the planned transaction reflects the scale and complexity of preparing two companies for independent operation and potential listing.

However, he said the timing could be accelerated or delayed by factors such as regulatory review process, audit and reporting readiness, third-party consents, financing considerations and market considerations.