MANILA, Philippines - Philippine Seven Corp., the local franchise holder of global chain store 7-Eleven, has set aside P2.5 billion for the construction of 500 new stores over the next 3 years.

Of the 500, 60% will be franchise stores, while the remaining will be company-owned.

7-Eleven is targeting to open 100 stores this year, and another 130 stores in 2011. Each store requires about P5 million in investments.

By 2012, the company will have a total of 1,000 outlets.

Philippine Seven president Joseph Victor Paterno said most of their outlets will still be located mainly in Luzon because of distribution problems.

Last year, Philippine Seven posted a net income of P155.8 million, up 85% from the P84.5 million it booked in 2008.

System wide revenues, meanwhile, reached P7 billion, up 13% year on year.

Shares of Philippine Seven closed at P15 apiece on Friday.