LT Group Inc. — one of the Philippines’ largest business groups, controlled by the Lucio Tan family — reported a 14% increase in attributable net income to a record P17 billion ($272 million) in the first half of 2026, driven by higher earnings from its banking and tobacco businesses. Philippine National Bank contributed P8.2 billion ($131 million), or 48% of group earnings, while Fortune Tobacco Corp. contributed P6.1 billion ($98.1 million), or 36%.
Fortune Tobacco’s net income rose 13% to P6.2 billion ($98.6 million), supported by higher equity earnings from its 49.6%-owned associate PMFTC Inc. PMFTC benefited from cigarette price increases implemented in March and a 2% increase in offtake volume to 11 billion sticks, matching overall industry growth. LT Group also said government enforcement and seizures had reduced illicit tobacco activity, with stricter port controls and action against machinery used to produce illicit tobacco expected to support further progress.
