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Tan Caktiong was born on January 5, 1953 in the then-undivided province of Davao (in now Davao del Sur) to Chinese immigrant parents from Fujian. [6] His father worked in a restaurant in China and as a cook in a Buddhist monastery in Manila before setting up his restaurant in Davao City. [7]
Jollibee is a Filipino chain of fast food restaurants owned by Jollibee Foods Corporation (JFC) which serves as its flagship brand. Established in 1978 by Tony Tan Caktiong, it is the Philippines' top fast food restaurant [3] and is among the world's fastest growing restaurants, [4] expanding its international presence from 2014 to 2024 almost sixfold. [5]
The restaurant started expanding in 1989 and became very successful, growing to half the size of market leader Jollibee. Kuan served as Chowking's president until 2000, when he sold his 50% equity stake to the Jollibee Foods Corporation; Jollibee creator Tony Tan Caktiong was a founding business partner. By then, Chowking had 155 locations.
Jollibee Foods Corporation (abbreviated as JFC and Jollibee Group; [5] also known as Jollibee after its primary fast food brand) is a Philippine multinational company headquartered in Pasig, Metro Manila, Philippines. JFC is the owner of the fast food brand Jollibee.
Analysts predicted Jollibee, which was experiencing weak third-quarter results and stock performance, would also benefit financially. [14] Jollibee's chief financial officer of twelve years, dela Rosa was the one who successfully negotiated the stock swap with Kuan. Caktiong offered dela Rosa the role of Chowking's new CEO and president.
In October 2010, 70% of Mang Inasal was acquired by Jollibee Foods Corporation (JFC), for ₱3 billion ($68.8 million). [5] JFC acquired in April 2016 the remaining 30% previously belonging to Injap Investment owned by Inasal's founder, folding the roasted chicken and barbecue business into its operations and portfolio.
Jollibee of the Jollibee Foods Corporation is often referred to as McDonald's Philippines primary competitor. [4] [17] The Philippine fast food industry is led by Jollibee, with McDonald's placing second with The Economist in 2002 noting the Philippines as one of the few markets where McDonald's is not the leading fast food chain. [18]
Moran helped his wife Tessie manage a desert and pastry business set up in 1979 which eventually grew to be the Red Ribbon Bakeshop chain. [12] Red Ribbon which had grown to a network 146 stores, including 20 in the United States, was sold to Jollibee Foods Corporation in 2005.