Jollibee Foods Corp. (JFC), a dominant market leader in the food and beverage industry in the Philippines, continues to see a positive outlook and growth opportunities for its business here and abroad.
“We’re excited about that, and we look five years forward. We do see significant opportunities coupled with some challenges like inflation, but we have the fastest-growing economy fueled by rising consumerism and increasing global connectivity.” said Richard Chong Woo Shin, chief financial and risk officer of JFC during the Indo-Pacific Business Forum at Shangri-la The Fort in Bonifacio Global City, Taguig on May 21, 2024.
Founded in 1975 by Dr. Tony Tan Caktiong with a single ice cream parlor in Manila, Jollibee has become the largest restaurant chain in the Philippines and is now one of the fastest-growing global food brands in the world, while ensuring sustainable and ethical business practices.
Shin said that in today’s market, understanding and utilizing digital technology is crucial. Convenience plays a very big part in the dining experience of the consumers.
When asked about the sustainability practices of JFC, he said that consumers are increasingly concerned about the origins of their food and the sustainability practices of brands.
The company implements several programs aimed at reducing its carbon footprint, improving water treatment processes and ensuring responsible sourcing of ingredients.
“Ethical sourcing, fair treatment of vendors, and transparent supply chains are becoming critical factors in consumer decision-making.” he said.
Shin said that rising inflation and supply chain disruptions pose significant challenges in the industry.
To mitigate those risks, companies need to work closely with government agencies for balanced regulations and streamlined importation processes to improve the efficiency of supply chains. This involves managing tariffs, duties and other cost factors.
JFC also fosters a positive work environment and offers career development opportunities for its employees. It invests in skills training to build a robust service industry workforce.
