Restaurant Brands International, the multinational owner and operator of Tim Hortons and Burger King, said Thursday that it has partnered with a group of investors to establish a master franchise joint venture company to sell the fast food restaurant’s coffee and donuts in the Southeast Asian country.
RBI chose the Philippines for its first stop in the sub-region of Asia because the country has a strong economy and a fast-growing quick-service market, said Daniel Schwartz, its chief excutive.
The Philippines also boasts “a population that has an affinity for coffee and baked goods,” Schwartz added, including those of Tim Hortons’, the company determined after months of market research.
RBI didn’t say how many shops it plans to open in the Philippines, but, said its chief financial officer Joshua Kobza, “we aim to be a leader in the market.”
Kobza hinted Tim Hortons would aim to match the level of some of its peers in the local market — many of which boast hundreds of restaurants in the country, he said.
Published Thursday, July 28, 2016 7:19AM EDT