MANILA -- Logistics company LBC Express Holdings Inc. targets to spend up to PHP100 million this year for 80 to 100 more branches across the country, as it further expands its footprint.

LBC Express President and Chief Executive Officer Miguel Angel Camahort said the total number of wholly-owned branches reached 1,321 by the end of 2017.

“This branch expansion continues to provide volume growth while also extending the branch’s reach and footprint,” he said during the company’s stockholders’ meeting on Monday.

Company Chief Finance Officer Enrique Rey Jr. said they already established 46 branches so far this year.

Rey said the firm usually spends about PHP700,000 to PHP1 million for the establishment of a branch.

Revenue from Philippine retail branches increased 12 percent in 2017, contributing a total of PHP645 million to total revenues of the company.

Logistics revenues continue to make up the lion share in the company’s coffers, with 87 percent contribution at PHP9 billion last year, up by 19 percent from the previous year.

Retail logistics grew 16 percent to PHP5.8 billion, while corporate logistics rose 26 percent to PHP3.2 billion. (PNA)