Philip Morris to invest $300m

Philip Morris to invest $300m

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.