If you look closely enough, you will still see the scruff marks on the floor where the bar counter of the first branch of Cibo at Glorietta 2 in Makati used to be. Cibo founder Margarita Fores
Fores admits that she was “in a bit of a hurry to do her own thing” and put up her own restaurant even if she was not a certified chef. There were a lot of doubters, which was why she was given just a year to make something happen out of her space.The combination of authentic Italian cuisine and friendly prices proved to be irresistible to the market.
“On the 10th year we really decided to get more professionals who understand the business to make it sustainable,” says Fores. FIRST FORAY Margarita Fores at the first Cibo branch at Glorietta, Makati in 1997. The 25-year-old chain is set to grow to a network of 19 branches by the end of this year.Cibo had regained its appetite for expansion and was looking to finally venture beyond Mega Manila when the COVID-19 pandemic hit in 2020, testing the Cibo organization’s creativity and resolve to march on despite the tremendous challenges brought about by the resulting public health and economic crises.
Good thing is that they had always been conservative in their finances, so they had no debt to worry about. The slow but sure expansion route that they chose was financed by their own earnings and investments from family members.“All our growth was never from borrowed money. Fiscal prudence is our comfort zone. We prefer to gamble with our own resources,” says Oye, “There are always offers for joint ventures or for financing such that we could have been a 50-branch restaurant by now.
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