Tuesday, 26 January 2010

Philip Morris builds P1-B Subic warehouse

Manila Bulletin

Philip Morris Philippines Manufacturing Inc. (PMPMI) broke ground Monday for its P1 billion regional leaf warehouse facility in Subic Bay Freeport, but warned of a drastic reduction in industry sales should the government pushes [sic] with the implementation of stamp tax on every pack of locally made cigarettes.

The company is investing more than P1 billion in Subic. The company has entered into a 50-year long term lease agreement with Subic Bay Metropolitan Authority.

The second phase with P500 million project cost broke ground Monday at the Subic Technopark. The project would start commercial operation in July this year with handling capacity of 14,000 metric tons.

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