Though challenged by in-flation and supply chain woes, Jollibee Group is optimistic and sees significant opportunities for growth five years forward.
Speaking at a panel discussion at the Indo-Pacific Business Forum yesterday in Taguig City, Richard Shin, chief financial and risk officer of Jollibee Foods Corp., cited convenience, digitalization and sustainability as the key trends in the food and beverage service where the Group is a key player.
“Through our own network of stores… with our important partners around the world, through our franchise systems, joint ventures, etc. , we actually see a very optimistic positive growth trajectory ahead of us. We’re excited about that. We look at five years forward and we do see significant opportunities, coupled with challenges…the everyday things like inflation and interest rates being stuck where they are,” Shin said.
Shin said Jollibee also said there is a lot of optimism about its ability to compete.
Shin said on a consumer level basis, Jollibee is seeing some significant trends happening.
“First is convenience which is driven by the younger generation, the Gen Zs (who) are quite comfortable with using technology in the way they interact with the restaurant experience , the dining- out experience with brands like us,” Shin said.
Second trend is digital technology.
“Definitely you cannot be in the food and beverage service industry without understanding the role of digital technology. Again, (that is) tied back to convenience,” Shin said.
Third trend is sustainability.
“ We’re finding more and more that consumers want to know the source of food. Where is it coming from? How’s it been treated?,” Shin said.
While the Philippines is a very strong home base for Jollibee, Shin said the group wants to have a stronger presence in places like the US where it has up and coming franchise of three brands, including the flagship Jollibee.
Shin said Jollibee works with the public sector on the importation process to make the whole system smoother and faster. Six percent of the Group’s raw material inputs are imported.
Shin noted the need to balance cost efficiencies like tariffs and duties on the profitability of corporations and their impact to consumers in terms of prices.
