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.