JOLLIBEE Foods Corp. (JFC) has announced that it is entering a 50/50 joint venture with Yoshinoya International Philippines Inc. (YIPI) to operate and expand the “Yoshinoya” brand in the Philippines.

Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands globally with over 2,000 stores worldwide. The joint venture company will be the franchisee for “Yoshinoya” in the Philippines.

Completion of this transaction is subject to standard legal agreements and regulatory authority approval.

YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System.

YIPI currently operates three Yoshinoya stores in the Philippines. The joint venture plans to open 50 stores in the Philippines in the long term. (PR)