Philip Morris to invest P882M

Cigarette manufacturer Philip Morris is allocating $21 million or P882 million in the next three years to upgrade machinery and equipment in the Philippines. This brings to $65 million or P2.7 billion the company's total investments on machinery and equipment from 2005. Philip Morris said $6 million or P252 million has been set aside for tobacco processing and packaging. The firm operates a $300-million cigarette factory at the First Philippine Industrial Park in Tanauan, Batangas. It also maintains a $600,000 regional leaf warehouse in Subic Bay Freeport, which services the needs of its Asean operations as well as its other production facilities worldwide.

in Malaya
May 2, 2008
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