PHILIP Morris International (PMI) announced its plans to invest an additional $150 million or P8.8 billion in its Philippine affiliate Philip Morris Fortune Tobacco Corp. (PMFTC) to add manufacturing lines that will produce specially designed heated tobacco sticks for its smoke-free products.
This first major investment by a tobacco multination firm involves expanding PMFTC's cigarette manufacturing facility in Tanauan City, Batangas. The expansion program will be for two years with actual production to start in the fourth quarter of 2023.
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