ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Known to be the man behind the country’s famous bee, Tony Tan Caktiong is another rags-to-riches story – from owning a small ice cream franchise, to heading some of the Philippines’ most famous food chains.

Detailed explanation-2: -Jollibee founder Tony Tan Caktiong, is another of those Chinese immigrant family who went to the Philippines in hope for a better future. Tony is born on January 5, 1953 in Fujian, province of China. His father worked for a Chinese temple in binondo as a chef.

Detailed explanation-3: -At the age of 22, inspired by a visit to an ice cream plant, he set out to gain his own foothold in the restaurant business: relying on family savings, he seized a franchising opportunity with Magnolia Dairy Ice Cream in 1975 and opened two ice cream parlors the Cubao Ice Cream House and Quiapo Ice Cream House.

Detailed explanation-4: -The name Jollibee came from Lumba – instead of throwing the made-up name away, he changed the spelling to give it a new meaning and a mascot: a Jolly Bee. Lumba designed the first version of the Jollibee mascot taking inspiration from comic books, Mickey Mouse, and Ronald McDonald.

Detailed explanation-5: -Jollibee was initially named “Jolibe", but changed its name to “Jollibee". The company that would be managing the fast food chain, Jollibee Foods Corporation, was incorporated in January 1978.