MANILA, Philippines - Fast-rising Filipino food chain Bibingkinitan! has embarked on an aggressive expansion binge, targeting to establish about 100 new outlets nationwide to bring its total store branches to at least 250 by the end of 2010.
Richard V. Sanz, president and CEO of Bibingkinitan!’s mother firm FoodAsia Corp., said half of the new stores will be put up by the company and the other half by franchisees.
Sanz said the company’s focus is to establish more outlets in smaller-sized malls and roadside locations in provincial cities and capital towns.
“Last year we already saturated the big malls so our direction now is to go on smaller malls and provincial cities and towns,” he explained.
Sanz said they have expanded their product offerings to include “pancit in bilaos” and “Bar-B-Q” for take-out as the company wants to position Bibingkinitan! as the preferred brand for parties, gatherings and “pasalubong” (take-home) food packages.
He said Bibingkinitan! is now a recognized and established brand, with the Bank of the Philippines (BPI) even offering a collateral-free loan to its prospective franchisees.
“The fact that a bank in the stature of BPI is willing to offer collateral-free loans for our franchisees shows that Bibingkinitan! is already a trusted brand and a highly feasible investment opportunity,” Sanz said.
Aside from this encouraging indicator, he said FoodAsia Corp. has also come up with its own “Franchise Lite” package under which franchisees can pay the franchise cost in six months at zero interest and no down payment.