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McDonald's Philippines to open 40 stores in 2018

Golden Arches Development Corp., the exclusive franchisee of U.S. fast-food chain McDonald's Corp. in the Philippines, plans to invest up to 2 billion pesos to open at least 40 new stores in the country in 2018, Philippine business daily BusinessWorld reported March 1, citing a statement from the company.

The funds will also be used to improve the chain's customer experience, value and convenience, the newspaper said.

The company opened 52 stores, including in new territories, across the country in 2017, according to the report.

As of March 1, US$1 was equivalent to 51.83 Philippine pesos.