Jollibee Foods Corp. stock surged after the Philippines lifted a foreign ownership cap, boosting its global expansion plans.

Jollibee Foods Corp., the Philippines' largest restaurant chain, saw its stock jump by up to 8.9% after the Philippine Stock Exchange approved the removal of a 40% cap on foreign ownership. This change aims to attract more international investors and boost the company's global ambitions. Jollibee operates over 9,500 stores worldwide, with key brands including Jollibee, Chowking, and Highlands Coffee. The stock closed up 10.72% on Thursday.

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