Jollibee to bring Panda Express to PHL

Home-grown fast food giant Jollibee Foods Corp. said Thursday it is bringing American Chinese restaurant chain Panda Express to the country.

In a regulatory filing submitted by Jollibee Foods vice president Valerie Amante, the fast-food giant said it entered into a 50/50 joint venture deal with Panda Restaurant Group Inc. to bring Panda Express restaurants to the Philippines.

"In its initial phase, the two industry leaders intend to focus on developing five stores in Metro Manila," Jollibee Foods said.

The joint venture company will initially have an authorized capital stock of the Philippine peso equivalent of $5 million.

Profit sharing shall be in accordance to the 50/50 ownership.

The joint venture company shall have its own management with Jollibee Foods providing support.

"With proven track records in providing great tasting food at a great value, Jollibee and Panda join hands to introduce American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles, to the Philippines."

"The two restaurant giants aim to deliver exceptional dining experiences through their shared foundation and commitment to their dedicated employees, loyal guests, and great operations."

Panda Express is known for its original recipes including its original orange chicken, sweetfire chicken breast, honey walnut shrimp, and Shanghai angus steak.

Panda Express has more than 2,100 locations throughout the US, Puerto Rico, Guam, Guatemala, El Salvador, Aruba, Canada, Mexico, Dubai, Saudi Arabia, Korea, Japan, and Russia. — RSJ, GMA News