Foreign investors can now own unlimited shares in Jollibee Foods Corp. (JFC) after the Philippine Stock Exchange (PSE) approved the removal of foreign ownership restrictions in the country’s largest restaurant chain.
Jollibee disclosed in a regulatory filing that PSE granted its request to amend the company’s foreign ownership cap from 40 percent to “No Limit.” This decision follows amendments to JFC’s articles of incorporation, particularly the removal of its ability to own or manage land.
The Philippines eased foreign ownership regulations in key industries, including telecommunications and aviation, in 2022. However, land ownership remains restricted, with foreign investors limited to 40 percent equity in corporations that own land.
Jollibee reported a net income of P8.876 billion in the first nine months of the year, citing robust sales from its domestic and international outlets. The company owns well-known brands such as Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, and Hong Zhuang Yuan, while also franchising Burger King, Panda Express, and Yoshinoya in the Philippines.
JFC has aggressively expanded globally, acquiring brands like Korea’s Compose Coffee and Japan’s Milksha, and bringing Common Man Coffee Roasters and Tiong Bahru Bakery to the Philippines. It also recently took full ownership of the Michelin-starred Tim Ho Wan restaurant chain.
Meanwhile, lawmakers in the House of Representatives recently passed a bill seeking to extend the maximum land lease period for foreign investors from 75 years to 99 years.
