Metro Manila (CNN Philippines, July 8) — The Securities and Exchange Commission has greenlighted the incorporation of the joint venture between Jollibee Foods Corporation (JFC) and U.S.-based Panda Restaurant Group, Inc. that will bring Panda Express restaurants to the country.
In a disclosure to the stock exchange Monday, JFC said the joint venture, JBPX Foods, Inc., was incorporated on July 3.
JBPX will initially have an authorized capital stock of $5 million and and establish five Panda Express stores in Metro Manila.
"Profit sharing shall be in accordance to the 50/50 ownership. The JV (joint venture) Company shall have its own management with JFC providing support," it said.
"Long-term, Panda Express has a high potential for broad acceptance across the country," JFC said.
Known for its world-famous Orange Chicken, Panda Express specializes in American-Chinese cuisine.
The Cherng family opened Panda Express' first branch in 1983 in Glendale, California. It now has branches all over U.S., Puerto Rico, Guam, Guatemala, El Salvador, Aruba, Canada, Mexico, Dubai, Saudi Arabia, Korea, Japan, and Russia.