Philip Morris sets up $600-M Regional Leaf Warehouse at Subic Freeport
Manila (15 September) -- Philip Morris Inc. (PMI) is set to establish before year-end a $600-million PMI Regional Leaf Warehouse at the Subic Freeport in Zambales, further boosting President Gloria Macapagal-Arroyo's vision of the Freeport as a regional hub for the Asia-Pacific region.
This was revealed by PMI Philippines Manufacturing Inc. President Christopher James Nelson to the President when he paid a courtesy call on her at Malacañang's Music Room yesterday afternoon.
Nelson said once the regional leaf warehouse is in place, all tobacco leaf harvests in the country and in the region would be stored here and would be shipped to other PMI manufacturing firms all over the world.
"This will tremendously help our tobacco farmers in the North…their production will increase," Sen. Richard Gordon, who accompanied Nelson, said.
Gordon further said that PMI is planning to negotiate with Thailand the sale of Philippines-manufactured PMI cigarettes in that country.
But, most importantly, Gordon said the PMI warehouse at Subic would be a "great support to the development of Subic as a regional hub.
PMI Philippines, an affiliate of PMI, is one of the market leaders in the Philippine cigar and cigarette industry that produces and sells PMI's well-known cigarette brands.
PMI's presence in the Philippines could be traced back to 1955 when it entered into a licensing agreement with La Suerte Cigar and Cigarettes Inc. From then on, PM products were introduced in the country until 2001 when PMI acquired its license to exclusively sell and distribute its products. (OPS) [top]