This story is part of Forbes’ coverage of Philippines’ Richest 2026. See the full list here.

Restaurant tycoon Tony Tan Caktiong is cooking up a plan to unlock value at his Jollibee Foods, the Philippines’ largest fast food outfit by revenue, by spinning off and listing its international business by late 2027. While the company was originally eyeing a U.S. offering, recent media reports suggest that Hong Kong is another option. It’s a challenging time for Jollibee, which has been buffeted by rising ingredient and operations costs as well as supply chain disruptions. In the first quarter, net profit plunged 39% to 1.5 billion pesos ($24 million) though revenue was up 9% to 77 billion pesos, buoyed by the addition of 181 new stores, the bulk of them overseas. The aggressive expansion dampened investor sentiment, dragging down Jollibee’s shares nearly 40% from a year ago as well as Tan’s net worth, which he shares with his family, by nearly a third to $2 billion.