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Jollibee's Growth: The Recipe to Brand-Building Success

This article was originally published in the Brand Finance Philippines 30 2024 Report

Jollibee has recorded remarkable growth this year, rising in brand value and brand strength to attain the title of second most valuable Filipino brand among those listed in our rankings. In this interview with Brand Finance, Ernesto Tanmantiong, President and CEO of Jollibee Foods Corporation, discusses the key milestones and strategies that drove the brand's growth since its humble beginnings.

Interview with Ernesto Tanmantiong

Jollibee’s brand value has seen exceptional growth over the last two years. What would you consider as defining moments or milestones in building the Jollibee brand?

Having been a part of Jollibee since our beginnings in 1978, it is humbling to see how far we’ve come. Looking back, I see two defining moments for the Jollibee brand. 

First, when the biggest global fast food chain entered the Philippines in 1981. We were warned that they would wipe out local competition and our friends advised us to close the business. We were disadvantaged in almost every aspect, from our equipment to our processes, but we had a clear and important advantage: our food tasted better. So, instead of chickening out, we served Chickenjoy. Jokes aside, Jollibee in the Philippines today is bigger than the two global fast-food players that specialise in chicken dishes combined. Today, our Chickenjoy has been voted the best fried chicken not just in the Philippines but also in the United States, Hong Kong and Singapore. This is why we are very passionate about having delicious taste – it has brought us forward despite being disadvantaged in everything else.  Hence, many things might change, but we will never change our commitment to give our customers the joy that comes with delicious food. 

Second, when we started bringing Jollibee to international markets. We first aimed at catering to the Filipino diaspora, opening in Filipino-concentrated locales to bring them a taste of home. As we expanded, we discovered that delicious taste knew no boundaries and that we could appeal to people across cultures, ages and countries. Soon, we started catering to the mainstream non-Filipino market in each country and today, 80% of our customers in the United Kingdom are local non-Filipinos and over 60% and 70% in Hong Kong and Singapore respectively. In Brunei, the number reaches 95%, and in Vietnam, it’s almost 100%. We’re just getting started with our international journey, as we aim to make Jollibee a mainstream favorite worldwide.  Ultimately, these milestones would not have been possible without the determination of the men and women of Jollibee, past and present, who have built a brand that our customers love and can all be proud of. They are the driving force of our growth today and our growth in the future. 

What are some key trends you envisage as being the most important in the Philippine restaurant market, Jollibee’s home, and biggest market, as well as globally, over the next three years, and how can restaurant brands respond to these?

Our customers today have become even more discerning. They look for delicious food but at the same time, prioritise value and convenience. We’ve responded to this new need by introducing new menu and product innovations, such as Jollibee’s Chicken Sandwich, as well as offering new specialty drinks like coffee blends.  We also address inherent needs – for example, their need to eat together as a family or with friends; hence, our brands offer meal combinations for varying group sizes for more excellent value for our consumers. We also provide product options for our customers, such as our Mix and Match , to give them the choice to create their own product combinations. Amidst inflation, we continue to find efficiencies in our processes to keep prices competitive for our customers. 

Our customers today expect a seamless experience. Restaurants need to ensure a seamless experience for their customers across various channels, including digital platforms, and we need to leverage on technology and AI to make the customer experience easier, faster and more delightful. This means mapping out our customer journey to address both their current and anticipated needs. We continue to beef up our digital capability and technology investments, knowing that these will constantly evolve, and we are gearing up to be agile as we go through the journey. 

As consumers become more value-driven and presented with plenty of food options, they also look for ways for their loyalty to be rewarded. We are continuously strengthening our loyalty program to not only attract new customers but more so to award our existing customers who are in the best position to be our brand ambassadors. Our learning is always to stay attuned to the needs and wants of consumers, while not losing sight of the core of the business. For us, our focus is to serve great-tasting food, and even with all the pivots that have been made, it’s the dedication to exceptional taste that will keep our customers coming back. 

With Jollibee looking to expand further globally, how has the brand fostered strategic alliances, and what role have these partnerships played towards its expansion objectives?

We often say that the secret to our success is the strong team we’ve fostered throughout our 46 years in the business. This team includes not just our employees but also our many franchisees, business partners and suppliers who have helped build our brand’s success. 

Our relationships with franchisees and business partners become even more critical as we accelerate our global growth through franchising. Investing in our current franchisees’ success helps us attract new franchisees, while deepening collaboration with top-tier partners and growing our supplier network also supports our growth ahead. 

How do you see the role of the Jollibee brand in attracting and retaining top-tier talent?  

Many have said that the culture the Jollibee Group has is unique and special. Our name encapsulates the essence of this culture that attracts and keeps talents with the company. Our name Jollibee comes from two words: ‘bee’ to represent our people working hard to produce sweet things in life and working hard through teamwork as a whole hive as well as ‘jolly’. We added ‘jolly’ because, as my brother and our founder Dr. Tony Tan Caktiong says, “if you’re working hard but are not happy, then it’s not worth it.”

More than being a place to work at, we aim to build an organisation where talents find and choose joy. Our joyful culture and employer brand have helped us attract strong talents from around the world and have also allowed us to be recognised with accolades such as the Forbes’ Best Employers, Gallup Exceptional Workplace Award and TIME Magazine’s World’s Best Companies. 

Social responsibility and sustainable practices are increasingly important to stakeholders. How has Jollibee integrated sustainability initiatives into its brand strategy?  

Like many Philippine-based companies, we continue to grow in our sustainability journey. As part of this journey, we launched our sustainability agenda, Joy for Tomorrow, where we’ve defined our three pillars: Food, People and Planet.  

Through our Jollibee brand, we’ve pioneered and instituted several sustainability initiatives. One of these pillar initiatives is our Food, Service, Cleanliness (FSC) Program and System. Every year, we conduct thousands of food, service and cleanliness audits in our restaurants globally. Our efforts to quality were recognised with the highest rating for exceptional Food Safety & Quality Practices at the 9th International Best Practice Competition. 

Jollibee also has a policy not to advertise directly to children 13 years of age and below as part of our commitment to Responsible Marketing.

Finally, as we incorporate inclusive business practices, our Farmer Entrepreneurship Program has empowered over a thousand smallholder farmers to supply ingredients such as tomatoes and onions directly to Jollibee, increasing their income and improving their livelihood. These ingredients form part of products such as our Yumburger and Jolly Spaghetti, both of which are Jollibee’s bestsellers and are enjoyed by millions of our customers. 

We acknowledge that there’s a long road ahead, but we remain committed to having sustainability as one of Jollibee’s backbones. 

Brand Finance Philippines 30 2024

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Brand Finance is the world’s leading independent brand valuation and strategy consultancy. Headquartered in the City of London, we are present in over 20 countries.

For almost 30 years we have helped companies and organisations of all types to connect their brands to the bottom line.

Mr Ernesto Tanmantiong

Mr Ernesto Tanmantiong is the President and CEO of Jollibee Foods Corporation.

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Filipino Fried Chicken Giant Jollibee Has Ambitious Growth Plans for the U.S. and China

O n the night of Jan. 17, a line of people began to form on Colonial Drive in Orlando, Fla. They weren’t waiting to enter a nightclub or a concert, but to be the first customers of a branch of Philippine fried chicken chain Jollibee opening the next day. It was a similar scene to when Jollibee’s flagship U.S. store opened in August 2022 at Times Square in Manhattan.

To some, the fanfare may be mind-boggling. But the company, with its iconic fried chicken product called the “Chickenjoy,” is the Philippines’ answer to the fast food giants of the U.S. The average American already eats an estimated 100.6 lbs of chicken annually, and deep frying it is a backbone of American Southern cuisine. Even in the face of competition from Chick-Fil-A, KFC, and McDonald’s, Jollibee has managed to carve out its own niche in the fried chicken market and winning over the U.S. palate , thanks in part to the more than 4 million Filipino-Americans who crave the taste of home that might include a chicken dish with a side of spaghetti.

What started out as a ice cream parlor founded by Chinese immigrants in Manila in the mid-1970s has since expanded into a multi-billion dollar empire, managing 17 food brands—including Panda Express and The Coffee Bean and Tea Leaf from the U.S., as well as Hong Kong dim sum chain Tim Ho Wan—and more than 6,300 stores across 34 territories, almost a quarter of which are Jollibees. Jollibee Foods Corporation (JFC), the umbrella company, is one of the biggest restaurant chains in the world.

The Orlando branch may be one of 66 Jollibee stores in the U.S. since first opening a shop in Daly City, Cal. in 1998, but even in a post-pandemic world and in the face of an anticipated recession, the company still wants to aggressively grow its food service footprint. It plans to open 500 stores in North America in the next five to seven years, and even expand into China, an economy that is only just emerging from swingeing COVID-19 restrictions.

“The recession and economic downturns are short-term, and it’s temporary,” JFC president and CEO Ernesto Tanmantiong says, adding that its smaller global footprint relative to U.S. fast food rivals can still insulate the company from any future shocks. “But because our vision is long term, and we believe we can do it, therefore we stick to it.”

Tanmantiong, brother of Jollibee founder Tony Tan Caktiong, spoke to TIME about the company’s global expansion plans, its struggles in entering the Chinese market, and the evolution of the home-grown Filipino business.

The interview has been condensed and edited for clarity.

The brand has evolved from just this ice cream parlor into a local restaurant, and now it’s a growing Philippine brand. And the Filipino identity is so latched on to it. Was it a conscious decision on JFC’s part to promote or stick to the Filipino identity of Jollibee?

I think, in a way, it was just an evolution. There was no deliberate plan to do that. But I think because we are born here, we live here, so we live the Filipino values. And our corporate values in a way are quite aligned with Filipino values and practices. So we have, for instance, in our corporate values, the customer focus, I mention the spirit of family and fun, integrity, and teamwork with excellence—so all of these are actually Filipino values. And so we put that into the corporation, and we ask everyone to live with it.

What made you decide to go up against McDonald’s?

When friends were advising us to go into other businesses, we started trying to look back and do some strategic planning. And then we tried to do some competitive gap analysis. So we try to write down what are the advantages of McDonald’s versus us. And what’s the advantage of Jollibee against them? When we look at the advantages of McDonald’s, it’s a long list—more than one page. And when we look at Jollibee, what’s the advantage of Jollibee over McDonald’s: only one item. That is the product’s taste, because American products usually are bland. And then we said, “Okay. These are the advantages of McDonald’s. Can we overcome those advantages and make it even at least parity?” And we said yes, because actually, the most difficult part is the product. The others are easy to do: service, cleanliness—these are easy to do and to learn. Over time, we closed the gap of those advantages of McDonald’s. And fortunately, they were not able to close the gap on taste.

How did you come up with the idea of Chickenjoy?

The Chickenjoy came out because after the hamburger [Yumburger], we said that to be able to grow to a bigger customer base, we need more products. And fried chicken is a popular product in the Philippines. So we started with the fried chicken. But in the early years, there was still some tweaking on product development, until sometime in 1981, when we were able to almost, say, perfect the product.

So the recipe in ’81 is still the recipe used today?

Yes. That’s why [we have] the joke: instead of chickening out against McDonald’s, we serve Chickenjoy.

You’re expanding in the United States and in China. And I’m very much surprised as to how you’re dealing with fried chicken in its home turf. You’re going to be battling it out with a lot of these U.S. brands. You’re saying at least 500 stores in the next few years. How are you planning to do that?

Yeah. Fortunately, we have a very strong superior product of Chickenjoy against all the other fried chicken in the U.S. And recently, we were awarded as the best fried chicken chain in America by Eater.com. And they pit us against Popeye’s, the big players in the U.S. And so it confirms, validates our belief that we have strong products, and therefore we can win the competition over time.

We started Jollibee in the U.S. by first penetrating the Filipino market. And as we built the brand, we started to go to crossover locations. What we mean by “crossover” is a mixture of Filipino community and local mainstream markets. So far we have been successful in that stage. So we believe that we are now ready to go to the bigger market of mainstream by continually expanding in crossover locations today.

More from TIME

You are appealing to the filipino customer base. is there an awareness on jollibee’s part that the expansion of your business seems to rest on the back of the filipino diaspora you’re talking about 4 million filipinos alone in the united states. was that a conscious choice when it came to entering the american market.

Yeah. That was a deliberate move, because we don’t yet have the brand name in the U.S. to the mainstream market. And so we capitalize on the support of the Filipino market. Fortunately, our kababayans [countrymen] are very supportive. They were actually our brand ambassadors. For instance, when we first opened our first store in Queens, New York, it was on February 14. It was winter. And that year, there was a blizzard. But despite the blizzard, the first day opening, we had long lines that queued up to four blocks [away] from the store. And then there was this American New Yorker who passed by, curious about the line and asked a Filipino in the line and said, “What is this? Who is Jollibee?” So obviously, the Filipino was so proud, trying to sell who Jollibee is. And finally, the New Yorker was convinced.

You’ve been quite aggressive in your expansion—we’re not just talking about Jollibee anymore. I’m talking about JFC: you’ve acquired Smashburger, Coffee Bean and Tea Leaf. People are predicting recessions in 2023. And yet, you have Jollibee with all of these plans, trying to spur even more growth. I’m curious, are you not at least worried or scared about what the effects of the recession might be?

If you look at the U.S. market, we’re still very small. So I think we are not yet that sensitive to the U.S. economy. Because the market is still big for us, it would have been a different story if we already saturated the entire U.S. and therefore, once the economy goes down, we immediately suffer. So we think we still have a big market for us as we expand.

China is a very interesting country in the sense that it has been roiled by lockdowns, especially with the “zero-COVID” strategy over the past two years. You’ve previously said that JFC aims to open at least 100 stores or brands under the JFC belt in China this year. Since late last year, China is reopening. I want to get what your business strategy would look like for that region in the coming year or five years.

We see a China situation similar to the Philippines. We experienced the COVID lockdown in 2020. They are experiencing that starting last year. So their situation last year was like our 2020. And with the sudden opening of the economy, we expect this year to start recovering. We hope that it will be a similar situation as last year in the Philippines where people will start coming out, revenge spending, revenge travel . So we are quite optimistic with China in 2023. We actually opened our first Tim Ho Wan store in China. Despite COVID, it was very successful. And so that’s why we made an announcement that we’re going to open 100 stores of Tim Ho Wan in the next few years.

We’re quite bullish with China. Everyone is anxious about it, to see whether it’s a full recovery or a partial recovery for China.

It’s very difficult for the Jollibee brand to get a foothold in China. There were branches open before but they struggled staying there. There was a branch in Shenzhen in 2008. Do we know what happened to that? Where is Jollibee—just the restaurant, not the food company—where is it now in China?

You’re right. We attempted to enter China actually, twice with the Jollibee brand. I think one was in the mid-1990s. The first was in Xiamen, then the second attempt was in Shenzhen. I think at that time we entered too early. And we didn’t do our homework well. And that’s why after those two failed attempts, we decided maybe the Jollibee brand is not yet ready. Instead of bringing Jollibee to China, let’s instead acquire local chains. And that’s why today we have Hong Zhuang Yuan, a Beijing congee chain. And then we have Yonghe King. And then recently, we brought in Tim Ho Wan. But it doesn’t mean that the Jollibee brand will never enter China. Recently we [have been] quite successful in Hong Kong.

Where do you see JFC five years from now?

Our vision is to be [among the] top five restaurant companies in the world. Before COVID, we were almost close to the top 10. By the way, our measurement is based on market cap. But with COVID, where the Philippines was badly hit, our rank went down to as far as number 18, during that time. Today, we’re back to about 13. And so our North star, our aim, is to be top five. But we think that cannot be achieved in five, 10 years. It’s a long term strategy. So in the next five, 10 years, we hope to be closer to the top five, maybe within the [top] six to 10 in the world.

Also today, 60% of our revenue comes from the Philippines. Medium-term we want to achieve 50%.

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Business Plan Template for Jollibee

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How Jollibee’s Marketing Strategy Captivates Customers and Drives Growth

Jollibee is a popular fast-food chain in the Philippines known for its Chicken Joy, Jolly Spaghetti, and Peach Mango Pie.

Founded in 1978 by Tony Tan Caktiong, the brand has become a household name in the country and expanded globally with over 1,400 stores worldwide.

 Jollibee’s success can be attributed to its effective marketing strategy, which has been the critical driver of growth for the company.

This article will explore how Jollibee’s marketing strategy captivates customers and drives growth.

Table of Contents

Overview of Jollibee and its marketing strategy

Jollibee’s marketing strategy is built on customer-centricity, focusing on creating a unique and memorable experience for its target market.

The brand has successfully built a strong emotional connection with its customers through its advertising campaigns, which evoke happiness, nostalgia, and togetherness.

Importance of marketing strategy for Jollibee’s success

Marketing strategy is crucial for the success of any business, and Jollibee is no exception.

The brand’s marketing efforts have helped it stay competitive in a crowded fast-food market, create brand awareness, and drive customer loyalty.

With the right marketing strategy in place, Jollibee’s business strategy has been able to attract new customers, retain existing ones, and expand its reach globally.

Here in this post, we have briefly discussed their strategy, to get in-depth details check out this extremely informative Jollibee marketing analysis 2023.

Jollibee’s Marketing Strategy: An Overview

In this section, we’ll look closer at Jollibee’s marketing strategy that how it targets its audience, creates a unique, experience, and builds brand loyalty.

Target market

Jollibee’s target market is predominantly families with young children, but it has expanded its reach to millennials and young adults.

The brand’s marketing strategy is designed to appeal to the values and aspirations of its target market, emphasizing the importance of family, happiness, and togetherness.

Unique selling proposition

Jollibee’s unique selling proposition (USP) is its focus on creating a “Langham-scrap” (aroma-delicious) experience for its customers.

 The brand’s signature dishes are made with locally-sourced ingredients, and its recipes are developed to cater to the Filipino palate.

Jollibee’s USP has helped it stand out in the competitive fast-food market and create a loyal customer base.

Branding and advertising

Jollibee’s branding and advertising efforts have been instrumental in its success.

The brand’s iconic bee mascot and red-and-yellow color scheme have become synonymous with Jollibee, making it easily recognizable.

Jollibee’s advertising campaigns focus on creating an emotional connection with its customers, using family, nostalgia, and happiness themes.

How Does Jollibee Marketing Strategy Captivates Customers?

Jollibee’s marketing strategy is a testament to the power of customer-centricity and emotional appeal.

Here we will delve deeper into the specific tactics that Jollibee employs to create a unique and memorable experience for its customers.

Emotional appeal

• Use of family-oriented messaging

The marketing plan of Jollibee often features families enjoying meals together, emphasizing the importance of togetherness and quality time. This messaging resonates with the brand’s target market, which values family above all else.

• Nostalgic advertising

Jollibee’s advertising campaigns also evoke nostalgia, tapping into customers’ memories of childhood and happy times. This emotional connection helps build brand loyalty and encourages repeat business.

Cultural relevance

• Incorporating local flavors

Jollibee’s marketing approach involves infusing local tastes into its menu offerings, thereby enhancing their attractiveness to Filipino consumers . Jollibee has become a beloved brand in the Philippines by catering to local tastes and preferences.

• Celebrating Filipino culture

Jollibee’s advertising campaigns often showcase Filipino culture, emphasizing the brand’s connection to its home country. Jollibee has become a cultural icon and source of national pride by celebrating Filipino traditions and values.

Innovative promotions and partnerships

• Collaborations with popular brands

Jollibee has partnered with various popular brands, such as Coca-Cola and Nestle, to create innovative promotions and cross-promotions. These collaborations have helped expand Jollibee’s reach and attract new customers.

• Limited-time offers and promotions

Jollibee frequently offers limited-time menu items and promotions, which create a sense of urgency and encourage customers to visit the stores.

 These promotions are often tied to cultural events and holidays, further emphasizing Jollibee’s connection to Filipino culture.

Driving Growth Through Marketing Strategy

• Expansion into new markets

Jollibee’s marketing strategy has played a crucial role in expanding into new markets.

By emphasizing its unique selling proposition and cultural relevance, Jollibee has successfully entered new countries and attracted customers from diverse backgrounds.

• E-commerce and digital marketing

Jollibee has embraced e-commerce and digital marketing to reach a wider audience and stay competitive in the fast-changing business landscape.

The brand’s website and social media pages offer convenient online ordering and delivery options, while its digital marketing campaigns target specific demographics and locations.

Customer loyalty programs

Jollibee’s customer loyalty programs, such as the Jollibee Happy Plus card, offer rewards and discounts to frequent customers, encouraging repeat business and brand loyalty.

These programs also provide valuable customer behavior and preferences data; which Jollibee can use to improve its marketing strategy.

Success Stories: Jollibee’s Marketing Campaigns

Jollibee’s marketing campaigns have been instrumental in its success, and several have become iconic in the Philippines. Here are three examples:

“Bida ang Saya” (Fun is the Hero)

Jollibee’s “Bida ang Saya” campaign, which translates to “Fun is the Hero,” is one of its most successful and long-running campaigns.

The campaign focuses on family-oriented messaging, emphasizing the importance of togetherness and happiness.

It also utilizes popular celebrities to promote the brand, such as Sarah Geronimo, who has been a Jollibee brand ambassador since 2005.

“Chickenjoy Nation”

Jollibee’s “Chickenjoy Nation” campaign focuses on its signature dish, the Chickenjoy.

The campaign highlights the dish’s use of local flavors and ingredients, making it unique and appealing to the Filipino palate.

Jollibee also creates interactive promotions and events to engage its customers and build a community around the brand.

“Isang Number, Isang Sarap” (One Number, One Delicious Taste)

Jollibee’s “Isang Number, Isang Sarap” campaign, which translates to “One Number, One Delicious Taste,” focuses on the quality and consistency of Jollibee’s signature products. If you’re looking for a career in the tech industry in Toronto, Toronto tech recruiters can help you find the right opportunity to match your skills and aspirations.

The campaign emphasizes that customers can expect the same delicious taste every time they order from Jollibee, regardless of which branch they visit.

What Results of These Campaigns?

• “Bida ang Saya”: In 2015, the campaign contributed to a 15% growth in sales and a 40% increase in social media engagement.
• “Chickenjoy Nation”: In 2018, Jollibee reported a 21% growth in sales, with Chickenjoy as one of its top-selling products.
• “Isang Number, Isang Sarap”: In 2019, the company reported a 17.1% increase in net income, reaching ₱6.8 billion.

Conclusions

Jollibee’s marketing strategy is a key driver of the brand’s success, enabling it to stay competitive, expand globally, and build a loyal customer base.

Jollibee has created a unique and memorable brand experience that resonates with its target market by emphasizing cultural relevance, emotional appeal, and customer-centricity.

As Jollibee continues to evolve and innovate, its marketing strategy will undoubtedly play a crucial role in driving growth and success in the years to come.

I am a digital marketer and SEO content writer at Cloudfindr .

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MANILA, Philippnies – According to a Jollibee disclosure more than a week ago, they had to temporarily shut down 72 stores due a supply disruption caused by a major IT system upgrade. Some experts estimate that the closure cost the food giant millions of pesos in losses per day . While these losses are staggering (and come as a bummer to Filipinos everywhere who love their “ChickenJoy”), they provide a valuable case study in the making to local entrepreneurs and businessmen. Jollibee’s failure to anticipate the problems that would come with a system overhaul highlights the importance of business continuity planning (BCP). You’re never too big to plan ahead Business continuity planning, which is a term used interchangeably with business continuity and resiliency planning (BCRP), represents the need to identify internal and external threats to a business, so that it may continue to stay competitive in the market and avert any possible crises. In simple terms, BCP is not just a venture’s plan B – it’s plan B, plan C, and everything up to plan Z, covering all possible bases in their particular industry. An airline carrier, for example, would have ideally planned for emergency contingencies (what happens if a plane crashes?) to far less newsworthy, but no less as important of situations (how will we comply with this piece of aviation regulation if it is passed?). As the Jollibee situation proves, no company is so big that they can successfully operate without a thorough BCP. Evan Tan, who is the regional director for Southeast Asia of Freelancer.com , which competes internationally and locally with rival job platforms Elance and oDesk , echoes this sentiment. According to a business article that he read, 90% of tech startups fail due to their inability to respond to the challenges facing their companies. “In the tech industry where even giants can easily be toppled by budding companies (Facebook killing Myspace and Friendster ring a bell?), one’s incapability to adapt and innovate can be disastrous to one’s business,” he said. To not go the way of Myspace and Friendster, Tan says that Freelancer.com has entire teams dedicated to performing research on how to improve their products. As a whole, the company also tries to stay attuned to industry trends, in addition to listening to their users and engaging with them on how to get better. Tan advises other businesses and entrepreneurs to do the same, even when doing so is not easy to swallow. As an example, he invokes the case of users that publicly say negative things about your company on Twitter or other social media networks. “It’s easy to dismiss people who lash out on social media as rabble-rousers out to destroy one’s company, but some of them could actually have been your fiercest supporters who have grown frustrated with your service,” Tan pointed out. According to him, you need to make it a priority to find out what made them feel that way. The risks that come with being an entrepreneur But BCP should not just be an exercise of large corporations. Even early-stage startups would benefit tremendously from some form of BCP, as Kickstart Ventures president Minette Navarrete shared. Kickstart Ventures invests in and incubates such notable companies as dating platform Peakwoo , ecommerce shopping site Ava.ph , and recruitment platform Kalibrr . Navarrete said that early-stage investing is an inherently risky proposition to begin with, so BCP is a critical component of what Kickstart does. According to her, there are many clear risks associated with startups, such as market risk, execution risk, and regulatory or policy risk, such as with what ride-sharing platform Tripid is facing with the Land Transportation Franchising Regulatory Board (LTFRB). However, some potential risks that come with startups are less obvious. “There is also the personnel risk (i.e. the risk that a key person – whether a member of the investment firm, or a founder in a portfolio company – leaves),” she said. “As much of early-stage investing relies on small teams of uniquely skilled individuals, the loss of a critical team member could be particularly crippling.” The fact that Kickstart invests in and incubates more than a handful of startups reduces that risk that would come with any single startup. “The portfolio approach is the classic way of mitigating investment risk, even if our day-to-day operations – especially working as intimately with startups as we do – will often feel like the portfolio multiplies rather than mitigates the risks we need to live through!” Navarrete revealed. In addition to addressing business continuity risks in their annual business plan, Navarrete said that each investment decision considers the risks that their due diligence has surfaced. “Some startups might have a greater regulatory risk (e.g. financial services, transport, etc.); others would be more susceptible to technology risks, or market disruption,” she said. “In each case, we assess both the vulnerability of the startup, as well as the odds that it could weather the discontinuity, and the risk management / mitigation plan.” Navarrete pointed out that the benefits of BCP come not only in how well you plan, but in how well you carry out that plan. “The strategy piece is only as good as the execution: we keep close to the community and the market; we watch for early patterns that could signal trends, and early warnings of discontinuity,” she said. “We speak to experts and share insights and experiences. Through constant and candid sharing, we are able to weave a bigger picture, and better able to understand underlying currents.” Toward this end, Kickstart has brought in such luminaries as (Pollenizer CEO and co-founder) Phil Morle; (Innosight Managing Director) Scott Anthony; (political economist) Toti Chikiamco; (National Competitiveness Council Private Sector Co-Chair) Bill Luz; (Scan.me founder) Garrett Gee; and the Dropbox product team. BCP to the extreme Some high tech startups require even more BCP than normal. VMoney , which was founded in 2013 by CEO Ralph Santos, is an end-to-end financial platform, offering everything from debit Mastercards and scratch cards to point of sale systems and tap and pay solutions. As part of their BCP, Santos and the VMoney team keep track of where to direct their R&D by monitoring market needs, the challenges faced by their partners and other providers, and security advancements across the ecommerce world. The startup now works with some of the largest brands in the country, including Guess, Gold’s Gym, EasyTaxi, Mango, Mossimo, and TeamManila, so continuity of the services they do currently offer is of the utmost importance. Given the complexity of VMoney’s hardware and software, Santos and his team have ensured that there are many checks in place, including everything from “infrastructure fail overs to the transition and activation of support plans to immediate notification of potential security concerns with proper communication processes throughout.” To test their systems, Santos said that the VMoney team performs integrity checks, quality checks, and security checks on their systems, applications, and databases – some of which are done on schedule, and some of which are done as random reviews. Santos expressed that the goal here is to not only meet regulatory requirements, but to exceed industry standards (which is a particularly fitting remark in the wake of the Jollibee situation). So what would constitute an operational disaster for VMoney on the order of Jollibee’s current one? “Our business relies on data and transaction integrity and not so much on tangible products or brick and mortar inventory,” Santos responded. “A disaster for us is a breach in our systems, applications, or databases.” Lucky for him, VMoney has yet to experience such a problem. “I have no business disasters to share at this point and hopefully ever,” Santos said, before adding, “Knock on wood.” – Rappler.com

Rappler business columnist Ezra Ferraz graduated from UC Berkeley and the University of Southern California, where he taught writing for 3 years. He now consults full-time for educational companies in the United States. He brings you Philippine business leaders, their insights, and their secrets via Executive Edge. Follow him on Twitter:  @EzraFerraz

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Jollibee cautiously expanding in China, opening 100 stores this year

Jollibee Foods Corporation, one of the largest Asian food service companies, will continue to slowly expand its presence in China, targeting 100 new stores to augment its existing 560 stores despite prevailing challenges that has led to lower same-store sales growth.

In an online media briefing, Jollibee Group Chief Financial Officer Richard Shin said that, “We're in it for the long-term for China. But we recognize that the short-term is going to be bumpy and has been bumpy in the first quarter and will probably continue to be bumpy.”

“No excuses, but just based on facts and data, China's going through a rather challenging time across all sectors of industry and businesses. 

“I think we all understand that there's some geopolitical tensions driving some of that. There's some issues around property markets. There's some confidence issues around the stock market. And of course, consumer confidence level is also slightly down as well,” said Shin

“Having said that, we are still slowly expanding in China. So we'll build somewhere around 100 new stores. We have about 560 stores there today. And the reason why we need to expand is because in places like Tier 3, 4 locations, we do not have all of our brands represented. So we're expanding through a franchise model," said Shin.

He explained that one third of the Chinese economy is real estate and the entire supply chain from construction materials all the way to home ownership.

“That segment is incredibly down… The other thing that's really impacting China is their export. Their number one trade partner, the US, that's been a very difficult relationship. And so therefore, what the US has decided to do is to increase tariffs because they also want to be competitive.

“And so the export market to their number one market has also been difficult. Following that, the allied countries like Korea, et cetera, so this part of the world, they've also taken very similar measures around trade. 

“So I think because of all of that, consumer confidence, of course, gets impacted. Employment gets impacted with many people being displaced from employment as well. So it's been tough,” Shin elaborated.

He stressed though that, “we are, of course, politically neutral. We produce and sell delicious, affordable food.”

But, in this environment, Shin said Chinese food companies had seen their same-store sales growth rate decline noting that, “We also declined. We declined about 6 percent on same-store sales growth. So I wanted to make reference to that because it's not necessarily about a business issue or business performance issue. But I think overall, the market is softer.” 

Thus, Jollibee is being very careful with its capital allocation and investments in China and is being very careful in how the firm expands there as well.

Jollibee is represented by three Chinese food brands in China with 85 percent of its store network consisting of Yonghe King while its Tim Ho Wan has 19 stores and regional brand Hong Zhuang Yuan in Beijing, has about 65 stores.

“The majority of the store expansion will reflect our current mix. Yonghe King, again, in tier three and four cities mainly where there's still opportunity and room to grow and expand,” said Shin.  

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Today’s front page, Monday, June 3, 2024

Kingson Sian leaves Andrew Tan group

• June 4, 2024
• 2 minute read

Kingson U. Sian, one of the executives tapped by Andrew Tan to help the tycoon grow his business empire, has retired.

Sian, who was president and CEO of Tan’s gaming firm Travellers International Hotel Group Inc., was replaced by Nilo Thaddeus Rodriguez as president and CEO, and Lance Gautreaux as COO effective June 1.

Travellers owns and operates of Newport World Resorts (NWR), the country’s first integrated casino and resort complex that sits right in front of Terminal 3 of Ninoy Aquino International Airport.

“The appointments conclude the year-long transition plan for TIHGI since its holding company, Alliance Global Group Inc. [AGI], assumed full ownership on May 30, 2023,” the company said.

Sian retired from the company after being at the helm of Travellers since it started 16 years ago as the country’s first integrated resort developer. He had initially deferred his planned retirement in 2022 to lead the company through the transition period.

The executive also relinquished his position as director, membership in the executive committee and designation as executive director of Megaworld Corp., following his retirement from Travellers.

He will be replaced by Lourdes T. Gutierrez-Alfonso, 60, as director of the company to serve for the unexpired term.

Sian has been with Megaworld since 1995, when he took on the role of senior vice president.

He was a vice president of FPB Asia Ltd/First Pacific Bank in Hong Kong from 1990 to 1995. Prior to that, he was connected with Citicorp Real Estate Inc. in the US from 1988 to 1990.

Sian graduated from the University of the Philippines in 1982 with the degree of Bachelor of Science in Business Economics and obtained his Master’s Degree in Business  Administration for Finance and Business Policy from the University of Chicago in 1988.

Sian also relinquished his position as director, president and COO of Alliance Global Group Inc., Tan’s holding foirm.  The company appointed Kevin Andrew L. Tan, 44, as president of the company to serve the unexpired term of Sian.

Kevin Tan is the current CEO and vice chairman of the company.

Rodriguez, meanwhile, has been with NWR since August 2022 as chief strategy officer. With over 25 years of professional experience, he commenced his career with the professional services firm SGV and Co, and has substantial international experience in the travel and hospitality sector.

This includes nearly a decade in Japan in senior finance roles at Hilton, and Delta and Northwest airlines. He held the position as CFO of Philippine Airlines for a number of years prior to joining Travellers.

Gautreaux, meanwhile, joined the company in 2023, as chief casino officer, with an extensive background in gaming and hospitality across multiple international jurisdictions. He was a part of the Las Vegas Sands Corp. for over 12 years, holding key positions in multiple properties-most recently as the Chief Casino Officer of The Venetian Las Vegas.

Also leaving their posts in Travellers effective June 1 are Hakan Dagtas as COO and Bernard Than as CFO. The two were both part of AGI’s former venture partner in the company.

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