Homegrown fast food operator Jollibee Foods Corp. (JFC) on Wednesday announced it has entered an agreement with agriculture firm Cargill Philippines Inc. to build and operate a poultry processing plant in Batangas.
"The partnership will create an estimated 1,000 new full time jobs and develop new opportunities in the farming community in the Batangas and nearby provinces as local poultry farmers are contracted to grow chicken to supply the requirements of the processing plant," JFC said in a filing with the stock exchange.
Located in Santo Tomas, Batangas, the joint venture company will be called Cargill Joy Poultry Meats Production Inc.
It will be 70-percent owned by Cargill which will oversee the setting up, management, and operations. The remaining 30 percent will be owned by JFC.
"We partnered with Cargill to deliver high quality chicken products through Cargill's technology and quality standards. The facility will provide JFC with dressed and marinated chicken to augment the chicken supply requirements of the growing needs of JFC brands," JFC CEO Ernesto Tanmantiong said.
For its part, Cargill said the facility is in line with its expansion plans.
"Cargill is making additional investments in the Philippines to participate in the robust growth of its consumer sector," it said. —Jon Viktor D. Cabuenas/KG, GMA News