MANILA, Philippines ? Major price increases in the fast food industry may already be over, as companies realize that Filipino consumers, already financially squeezed on many fronts, can only take so much.

?Most increases in the industry are probably done already. There may still be some, but a lot less than the last seven to eight months,? said Chowking president Erwin M. Elechicon.

Filipino high-end restaurant goers shift to fast food chains as budgets get strained by rising fuel and food costs, a trend that has been observed by the fast food industry every time the economy goes bust.

Chowking, the quick-service Oriental restaurant of Jollibee Foods Corp., is responding to this trend by looking for ways to minimize price increases through cost reduction, among others.

?With commodity prices going up, we will be very careful about pricing because affordability is a big concern. But our focus is still providing food that is great-tasting at a cost that is still affordable,? Elechicon said.

Elechicon hopes that Chowking?s joint venture with Taiwanese restaurant chain Lao Dong three months ago will allow the company to increase its margins. Lao Dong is the leading restaurant chain in Taiwan when it comes to beef noodles. The joint venture is part of the Jollibee Group?s global expansion strategy to boost its presence of over 1,600 stores all over the world.

Chef Liu Zheng Hsiung, the second-generation owner of Lao Dong is in Manila on a 5-day visit to ?share his secrets? with Chowking?s cooks. The ?world?s noodle king? met with media and food bloggers Wednesday morning to demonstrate the techniques and strategies of cooking delicious food using local ingredients at low costs.

Despite the challenging economic environment, however, Elechicon said Chowking grew double-digit rates in the last three months and is on track towards reaching its at lest 10 percent sales growth target for this year. Last year, the company grew 13.1 percent.

From 382 stores, the company is targeting to have at least 400 stores in the country by yearend and grow by one store per week by 2009 if the economy turns around. Overseas, Chowking is interested in India as a new market but is still studying the prospect. For now, it is already in the United States with 12 stores, United Arab Emirates with 10, and Jakarta, Indonesia with five.

?We are still in the process of doing our homework,? Elechicon said.