Dip in Sales But Trend Still Upwards in The Philippines

Source from:  Tobacco Reporter 03/10/2011

Philip Morris Fortune Tobacco (PMFT) has reported a drop in demand for cigarettes in the early part of this year following the January increase in excise tax in the Philippines, according to a story in The Manila Times. PMFT controls more than 90 per cent of the domestic market. President, Chris Nelson, said the industry might have difficulty in exceeding last year's record sales amid the increase in excise tax. Nevertheless, the market is expected to continue to grow because of favorable demographics. Nelson said the industry's growth had always been linked to the country's population, which has been growing by 1.7-1.8 per cent every year. Since 2005, the industry has grown by an average of 2-3 per cent a year. Enditem