MANILA -- Stubbornly high inflation and a weak local currency dealt a blow to Philippine consumer companies' margins in the first half, forcing some to cut costs and raise prices to protect earnings, with little reprieve expected in the near term.
Jollibee Foods, the nation's largest and most popular fast-food group, reported a 16.1% increase in net income to 4.05 billion pesos ($75.6 million), partly helped by tax relief. But it had to raise prices at its restaurant chains, including at its flagship Jollibee, Greenwich Pizza, and its Burger King franchise, to offset inflationary pressure.
