Just can’t get enough: Tony Tan Caktiong wants Jollibee to be the No. 1 fast food chain in the world
Jollibee beat McDonald’s in the Philippines and now it wants to beat the American hamburger chain as the world’s largest fast food chain.
Former Chief Justice Artemio V. Panganiban bared bilyonaryo Tony Tan Caktiong’s ambitions after paying tribute to the Jollibee founder and president for getting a degree of doctor of business administration from the University of Santo Tomas where he studied chemical engineering.
“Caktiong credits his wife Grace and his gung-ho management team for helping make JFC the largest quick-service restaurant (QSR) in the country and in Asia, and one of the 10 largest in the world in terms of market capitalization with 10 brands (like Chow King, Mang Inasal, Red Ribbon, etc.) being sold in China, Asia, North and South America, Europe and the Middle East,” said Panganiban in a column in the Philippine Daily Inquirer.
“He envisions JFC to be the fifth largest QSR in the near future and the largest in the world eventually,” he added.
Jollibee first announced in 2015 that it was planning to barge into the World’s Top 5 QSRs and it expected to achieve its goal in seven years (or by 2022) by focusing its expansion on China and the United States.
According to Investopedia, the current Top 5 QSRs in the world based on market capitalization are McDonald’s Corp., Starbucks Corp., Yum Brands (KFC, Pizza Hut, Taco Bell), Chipotle Mexican Grill, and Restaurant Brands International, Inc. (Burger King, Tim Horton).