Shakeys Pizza Asia Ventures Inc. said it has cut by half its capital spending budget this year due to the coronavirus disease 2019 (COVID-19) pandemic.
The Philippines leading chained full-service restaurant said capex for this year will be reduced to about P250 million to P300 million from an original P600 million.
“ Majority of this amount has already been spent during the first few months of the year,” Shakeys said.
“We are holding off on our international expansion, as we prioritize management time and resources towards our Philippine operations,” it added.
The company said these plans are based on evolving conditions, particularly with respect to the COVID-19 situation.
“These initiatives remain subject to changes in macroeconomic and health factors and other company-specific developments,” Shakeys said.