Philip Morris to invest $300m

Sat, 14 Oct 2000, 00:00 WIB | Source: AFP

MANILA (AFP): Philip Morris, America's largest cigarette
manufacturer, will invest US$300 million to expand their
Philippine operations into a regional manufacturing and
distribution hub, Trade Secretary Manuel Roxas said Friday.

Roxas said in a statement Philip Morris' board of directors
were due to finalize their investment plans in this country in
early November.

Philip Morris chief executive officer Geoffrey Bible met with
Philippine President Joseph Estrada on Thursday.

Roxas did not say whether Philip Morris' regional hub here
would just handle tobacco products or would extend to include
snacks, coffee and beer products.

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