PMI Unveils Plans for Philippines Leaf Hub

Source from:  tr.itsmyiq.com Jan 17, 2008 01/18/2008

Philip Morris International has unveiled its plans for a P1.03 billion investment that will transform the Philippines' Subic Freeport, a former US naval facility, into its leaf tobacco distribution hub for the Asia-Pacific region, according to a report in The Manila Bulletin. The P30 million first-phase of the project is making available immediately 6,100 tonnes of storage capacity in the Boton area of Subic, but this is expected to be filled by February or March this year. Construction of the P1 billion second phase, which will deliver storage capacity of 24,000 tonnes, will begin next year. Chris Nelson, the managing director at Philip Morris Philippines Manufacturing, said that the Subic facility would be used as a warehouse for tobacco from various countries, including, Thailand and Indonesia. This tobacco would eventually be shipped to and processed in PMI cigarette factories in the Asia Pacific region, including those in the Philippines, Malaysia and Indonesia. The Subic facility would support PMI's strategy of increasing tobacco purchases from the Philippines and other Asian countries, Nelson added. Enditem