7-Eleven to expand Philippine outlets by 20%

Publicly-listed Philippine Seven Corp. (PSC), the Philippine franchisor of the 7-Eleven convenience store chain, has allotted Php600 million (US$12.83 million) for its 2010 capital spending, PSC President and Chief Executive Officer Victor Paterno said. Paterno told reporters that Php400 million (US$8.56 million) of this budget will be spent to expand its network, with 21 convenience stores to be put up at Caltex retail stations in Metro Manila. The company plans to grow its outlets by 20-25% every year, Paterno said. (October 23, 2009)