PM Invests in Philippine Warehouse

Source from:  tobaccoreporter.com Philippines, July 6, 2007 07/09/2007

Philip Morris Philippines Manufacturing Inc. is investing $20 million in a warehouse in Subic that will store tobacco leaves from various plantations in the region, reports The Philippine Daily Inquirer. The leaf will reportedly be distributed in Indonesia, Vietnam, the Philippines and other parts of Asia. Armand C. Arreza, Subic Bay Metropolitan Authority administrator, said a two-year contract with PMPMI was signed last week, covering an existing warehouse. "The investment would go to the rehabilitation of the structure as well as the technology to control the humidity and temperature," Arreza said. He said the warehouse was scheduled for turnover to PMPMI on Aug. 1, but that he does not know how long it would take to upgrade the facility and make it suitable for tobacco storage. Arreza added that PMPMI was looking for a suitable site for a planned regional storage hub for leaf tobacco, for which the company was prepared to spend $80 million. Enditem