PM's Philippines Warehouse Under Construction

Source from:  Tobacco Reporter 01/27/2010

Philip Morris Philippines Manufacturing Inc. (PMPMI) broke ground yesterday to mark the start of the construction of its tobacco leaf warehouse facility in Subic Bay Freeport, according to a Manila Bulletin report. The company has entered into a 50-year lease agreement with the Subic Bay Metropolitan Authority and is investing more than P1 billion in the area. The new warehouse, involving an investment of P500 million, is due to start operations in July. With a handling capacity of 14,000 tonnes, it will act as a regional facility for Philip Morris International. PMPMI's managing director, Chris Nelson, was quoted by Business World Online as saying that the project further cemented the company's commitment to the economic development of the Philippines. But the Manila Bulletin said that the start of the project had come with a warning that a drastic reduction in cigarette sales in the Philippines would occur if the government pushed ahead with the requirement for a tax stamp on every pack of locally made cigarettes. Enditem