Philippines restaurant operator Jollibee Foods company remains optimistic about expansion opportunities despite an extremely challenging start to the year globally due to Covid-19.

They plan to open 171 stores globally and renovate 96 outlets this year. The firm has indicated to spend US$137.9 million to restructure its international business, paying attention to non-performing stores, store network, supply chain facilities, management, and support group structure.  Jollibee Foods will also devote some of its resources to establish new delivery and take-out services.

“2020 is an extremely challenging year for JFC as for most other businesses, but out of this transformation, we aim to emerge in 2021 as an even stronger business and organization,” Jollibee chairman Tony Tan Caktiong said.

In January, Jollibee Foods reported a 14.4-per-cent drop in earnings after operating income fell by 25.1%.