Olongapo SubicBay BatangGapo Newscenter

Thursday, July 05, 2007

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

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