PMFTC, Inc.

PMFTC, Inc. is a joint-venture company between Philip Morris Philippines Manufacturing, Inc. (PMPMI) and Fortune Tobacco Corporation (FTC). The company controls over 90% of the Philippine cigarette market.

On February 25, 2010, both companies signed an agreement to unite their respective business activities by transferring selected assets and liabilities of both companies a new company to be called PMFTC, Inc., with each party holding an equal economic interest. Lucio Tan serves as the chairman of PMFTC, Inc., while day-to-day operations is managed by Philip Morris International (PMI). PMPMI will retain its export business, while FTC will keep its interest in the distribution of the Winston brand of Japan Tobacco. PMFTC would not be affected by pending tax and ownership disputes with local courts involving FTC.

History