Philip Morris' $300m plant

Philip Morris' $300m plant

MANILA (AP): U.S. cigarette company Philip Morris began
building Thursday a US$300 million plant in the Philippines,
which the company called its largest investment project in Asia.

President Gloria Macapagal Arroyo, who attended ground
breaking ceremonies at the First Philippine Industrial Park in
Santo Tomas, Batangas province south of Manila, welcomed the
investment as an "expression of support and faith in the
investment climate in the country."

George Farah, the company's Philippine managing director, said
the investment was a "clear manifestation of Philip Morris' long-
term confidence in the Philippines."

He said the company's Philippine operation would be employing
more than 1,000 people by 2003, most of them at the new factory.

The company said in a statement that the plant, to be
operational by the end of 2003, will feature "the latest in
environment protection," but did not say the amount of cigarettes
it would be produce.