British American Tobacco, maker of Lucky Strike cigarettes is pushing through with its plan to invest $200 million in the Philippines over the next five years following Congress’ approval of the sin tax reform measure.
BAT warned in July that it would pull out of its investment plan if the Aquino administration fails to pass the measure.
“We will not pour the money in until excise reform is done,” BAT Philippines general manager James Michael Lafferty said in July.
Yesterday, BAT confirmed that it would proceed with its $200-million investment plan following Congress’ approval of a new sin tax measure.
“In light of these latest developments, and in anticipation of President Aquino signing the bill soon, we confirm that we are investing at minimum $200 million over the next five years. We are looking forward to competing in the market and contributing to the growth of the Philippine economy,” BAT said in a statement.
The money would be used to expand its presence in the Philippines, possibly through the construction of a manufacturing plant, Lafferty earlier said.The cigarette company expressed its gratitude to the Executive Department and Congress in reforming the country’s sin tax regime after 16 years.
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