Philip Morris International said Wednesday it plans to invest $150 million or about P8.8 billion in local affiliate PMFTC Inc. to open manufacturing lines that will produce heated tobacco sticks for smoke-free products.
The investment marks the first major investment in the cigarette category in the Philippines by a tobacco multinational company.
PMI said the investment would span a two-year period and could generate up to 220 new specialized jobs to support the local tobacco growing industry. It will include an expansion wing at PMFTC’s state-of-the-art factory in Tanauan City, Batangas. Actual commercial production is expected to start in the fourth quarter of 2023.
PMFTC launched the IQOS tobacco heating system, PMI’s flagship smoke-free product, in the Philippines in 2020. IQOS devices use a patented HeatControl technology that precisely heats, without burning, tobacco-filled sticks wrapped in paper called Heets to release a water-based aerosol. Unlike cigarettes, IQOS does not burn tobacco and therefore produces no smoke and no ash.
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