PM Leases Land For Philippines Regional Warehouse

08/27/2009

Philip Morris Philippines Manufacturing (PMPM) is increasing the area of land it leases from the Subic Bay Metropolitan Authority (SBMA) as it builds its regional tobacco leaf warehouse at the freeport zone, according to a story in The Manila Times quoting an SBMA statement. Armand Arreza, SBMA administrator, said he and the PMPM managing director, Christopher Nelson, had last week signed a 50-year agreement through which the company will lease an additional 49,279 square meters of land at the freeport. SBMA said the additional land would be the site of the second phase of PMPM's P1 billion regional tobacco leaf warehouse. The company currently operates a 9,600-square-meter refurbished warehouse in Subic, which it has been leasing since beginning operations there in 2007. The new warehouse would have a capacity of about 24,000 metric tons of tobacco leaf, SBMA added. The existing warehouse holds 6,100 metric tons. Enditem