Restaurant Brands International (RBI), the multinational owner and operator of Tim Hortons and Burger King, has chosen the Philippines as the site for its initial expansion in Southeast Asia.
RBI has partnered with a group of local investors to establish a master franchise joint venture company to sell the fast food restaurant’s coffee and donuts.
Chief Executive Daniel Schwartz said their market research has shown that Filipinos like coffee and baked goods including those of Tim Hortons’. Schwartz added that the country’s strong economy and fast-growing quick-service market made them chose the Philippines as their first stop in Southeast Asia. RBI likewise views the expansion as a gateway into other markets within the sub-region and other parts of the Asian continent
RBI chief financial officer Joshua Kobza, for his part, said the company would aim to match the level of some of its peers in the local market as they aim to be the leader in the field. He added that their stores in the Philippines, which will open as soon as possible, will serve many of the same Canadian staples like timbits and iced capps.
The company’s March 31, 2016 quarterly report stated that the coffee chain has successfully put up 4,438 restaurants and 411 limited-service kiosks. Majority of these shops are in Canada, with 14.7 per cent in the U.S. and 2.6 per cent in the Middle East as stated in its 2015 annual report.
