MANILA — Foreigners can now invest as much as they want in Jollibee Foods Corp after the Philippine Stock Exchange approved the removal of foreign ownership limits for the country's largest restaurant operator.

In a regulatory filing, Jollibee said the state bourse approved its request to amend its foreign ownership limit from 40 percent to "No Limit", in light of the amendments to the company's articles of incorporation, particularly the removal of its ability to own, acquire, mortgage, pledge or encumber land and/or any interest therein.

The Philippines liberalized foreign ownership in several sectors such as telco and aviation in 2022.

However, foreigners are still not allowed to own land in the Philippines. The law allows foreigners to indirectly own land through a corporation, but limits foreign equity in these corporations to 40 percent, with at least 60 percent of shares in the company in Filipino hands.

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The House of Representatives in December approved on third and final reading a measure seeking to extend land lease limits for foreign investors to 99 years from 75 years.

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Jollibee said its net income climbed to P8.876 billion in the first 9 months of the year because of strong contributions from both its local and international stores.

The company has wholly owned brands including ChowKing, Greenwich, Red Ribbon, Mang Inasal, Yonghe King and Hong Zhuang Yuan, and franchised brands including Burger King, Panda Express, and Yoshinoya in the Philippines.

JFC has been expanding its portfolio of brands worldwide with recent acquisitions such as Korea's Compose Coffee and Japan's Milksha.  It also struck deals to bring Common Man Coffee Roasters and Tiong Bahru Bakery to the Philippines.

Recently, it took over the management and ownership of the Michelin-starred Tim Ho Wan restaurant chain.

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