Philip Morris eyeing Philippines, Singapore as hub
(Reuters) - Tobacco group Philip Morris International is looking to invest $80 million either in the Philippines or Singapore for a regional facility, a Philippine government official said on Wednesday.
Armand Arreza, administrator of Subic Bay, a business zone north of Manila, told reporters he was confident the Philippines would clinch the deal as the U.S. firm's local arm was set to invest $20 million for new equipment and a tobacco leaf warehouse at Subic. "It's a question of cost and efficiency," Arreza said.
Aside from the Philippines, Philip Morris International buys tobacco leaves from Vietnam and Indonesia and the company is looking for a regional tobacco leaf warehousing and transhipment hub, Arreza said.
In 2003, Philip Morris,part of the Altria Group Inc spent $300 million on a cigarette manufacturing plant in Batangas City just south of the capital with an annual capacity of 30 billion sticks.
Reporting by Rosemarie Francisco, editing by Carmel Crimmins
Armand Arreza, administrator of Subic Bay, a business zone north of Manila, told reporters he was confident the Philippines would clinch the deal as the U.S. firm's local arm was set to invest $20 million for new equipment and a tobacco leaf warehouse at Subic. "It's a question of cost and efficiency," Arreza said.
Aside from the Philippines, Philip Morris International buys tobacco leaves from Vietnam and Indonesia and the company is looking for a regional tobacco leaf warehousing and transhipment hub, Arreza said.
In 2003, Philip Morris,part of the Altria Group Inc spent $300 million on a cigarette manufacturing plant in Batangas City just south of the capital with an annual capacity of 30 billion sticks.
Reporting by Rosemarie Francisco, editing by Carmel Crimmins
Labels: arreza, Philip Morris, subic
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