Jollibee Foods is the largest fast food chain in the Philippines and one of the largest in Asia. In 1975, the company began as an ice cream store in Cubao, Philippines, and by 1978, sales had reached 2 million Philippine pesos. In the same year, seven Yumburger stores were operating in the metropolitan Manila area, with the Yumburger as the headline product.
In 1985, Jollibee surpassed all other fast food companies in the Philippines to become the market leader. The chain opened its first branch in Taiwan a year later, followed by a facility in Brunei in 1987. In the same year, the company’s revenue exceeded 570 million pesos. Five years later, sales surpassed 3,300,000,000 pesos.
Tony Tan Caktiong, the son of a chef, is the proprietor of Jollibee. After over 40 years of leadership, he stepped down as CEO but still serves as Chairman. Caktiong is worth $2 billion since he owns nearly a dozen distinct Philippine restaurant companies. Former CEO’s empire included Jollibee, Chowking, Burger King, and Greenwich Pizza brands. Ernesto Tanmantiong is the President and CEO of Jollibee at now.
Jollibee has over 2,100 locations worldwide. In the Philippines, fast food restaurants account for over 122 billion pesos in revenue, or 30 percent of the food service business.