PMI invests in Philippine leaf

Philip Morris Fortune Tobacco Co. (PMFTC), a subsidiary of Philip Morris International, will invest more than 50 million in Virginia tobacco production on Mindanao, Philippines, over the next five to six years, according to local press reports.

“We’re starting up a whole new operation down there because it’s quite a unique project that we got, it’s only the second place in the world where we grow tobacco twice a year,” PMFTC president Paul Riley said.

Riley said the investment reflects PMFTC’s long-term commitment to the Philippines.

“We’re not going away so we have to invest in the future,” he said.