Philip Morris Plans to Invest ₱8.8B for Smoke-Free Products With PH Affiliate

The globally known cigarette manufacturer, Philip Morris International (PMI), has recently released its intention to invest a total of ₱8.8 billion or around $150 million to PMFTC Inc, its Philippine affiliate to start manufacturing smoke-free products such as specifically designed heated tobacco sticks.

PMI released a statement saying that the new investment will widen the cigarette manufacturing facility of PMFTC in Tanauan City, Batangas.

This new program is set to begin in Q4 of 2023 and would span over two years.  The new product manufacturing lines will create around 220 new specialized jobs and will continue to support the growing local tobacco industry.

“This marks the largest investment to date in the cigarette alternative category in the country and brings PMFTC a step closer to achieve its vision of a smoke-free Philippines,” said PMI’s statement. This also counts as the first major investment by a tobacco multinational in the country.

“We are proud to invest in the country’s journey to finally rid society of cigarettes, by providing better alternatives to those who would otherwise continue to smoke, while helping generate revenues for the government and livelihood opportunities for the people,” states PMFTC’s President Denis Gorkun.

“Through PMI’s continued investment in research, development, and production, we can now heat tobacco in a way that is satisfying to adult smokers. Using sophisticated electronics, IQOS precisely heats specially designed tobacco units just enough to release a flavorful nicotine-containing vapor,”  adds Gorkun.

PMFTC is a consumer and agriculture products company owned by the business tycoon Lucio Tan and PMI.

Source: Manila Bulletin