ARCO LATAM fast food must compete with street food at a fraction of the cost.
Having lived in Philz for years I can tell you Jollibee was a good investment not because it's fast food, but because it's a relatively nice environment for their middle class to dine. Street food is a fraction of the cost and is the real fast food there.
Is ARCO the Jollibee of Latam? I don't know. Ian Bezek says it will never be. He says an ARCO burger costs 4x the price of a street burger.
In Philz there are no street burgers. There are roasted chicken and pork parts and rice with eggs. Jollibee doesn't compete with street burgers.