British American Tobacco will double its purchases of Philippine tobacco as it plans to invest more than $50 million in the country this year, reports The Manila Bulletin.
James Lafferty, general manager of BAT Philippines, said the company will buy 3.6 million kg of Philippine tobacco, valued at between $12 million and $14 million, in the 2012-2013 planting season.
Following the passage of tobacco tax reforms in late 2012, BAT Philippines announced the company would invest at least $200 million in the Philippines over five years starting in 2013.
The company intends to grow its market share, introducing new Lucky Strike variants and other brands. It is also looking into constructing a cigarette factory in the Philippines.
BAT currently employs 300 people directly and indirectly across the country.
Category: Breaking News