Universal to Grow Philippines Plantings

Source from:  Tobacco Reporter 11/08/2011

Universal Leaf Philippines (ULP) is planning to spend at least P300 million to increase its tobacco plantation area by 3,000 ha and lift leaf output by 25 per cent during the next three years, according to a story by Cliff Harvey C. Venzon for Businessworld - Philippines, relayed by the TMA.

News of the planned increased was given by ULP's president, Winston S. Uy on Friday. Currently, ULP's plantings total 18,000 ha in the Ilocos region and in Cagayan Valley. The planned expansion, following improved prices for most varieties, will most likely be concentrated in Ilocos and Cagayan, though ULP might look into other areas in Luzon. ULP currently generated about 25,000 jobs and the planned expansion would provide employment for an additional 5,000 farmers, Uy said. The company's revenue had increased by 25 per cent during 2009 and by 35 per cent last year, and was expected to grow by 20 per cent to P5.5 billion this year, he added. Enditem