New President Appointed to Lead PMFTC in the Philippines

News by 2FIRSTS.ai

Apr.24.2024

New President Appointed to Lead PMFTC in the Philippines

Gijs Lambert Johan de Best to Replace Denis Gorkun as President of Philippines' PMFTC, marking end of Gorkun's 5-year tenure.

According to The Philippine Star, on April 20, Gijs Lambert Johan de Best will be taking over as the president of Philip Morris Fortune Tobacco Corporation (PMFTC), replacing Denis Gorkun who has been serving as the company's president since September 2019. Gorkun is set to resign at the end of April, marking the end of his five-year term at PMFTC and nearly 30-year career at PMI.

Debest currently serves as the Vice President of Strategy and Project Delivery for South Asia, Southeast Asia, the Commonwealth of Independent States, and the Middle East and Africa at Philip Morris International. In August 2004, he began his career at PMI as a financial analyst in the Netherlands office before holding management positions in Belgium, Spain, Switzerland, and Germany, ultimately serving as Director of Business Development in Hong Kong.

PMFTC is a joint venture between PMI and LT Group's Fortune Tobacco Corp., which owns 49.6% of PMFTC. In 2023, the company holds a 55.2% market share in the tobacco industry in the Philippines. PMFTC stated that it was during Gorcun's tenure that the company's smoke-free products were commercialized in the country.

The tobacco division of LTG saw a 26% decrease in net profit last year, dropping from 15.34 billion pesos to 11.38 billion pesos. LT Group attributed this decline to industry-wide price increases in the first quarter of last year, which suppressed sales. LT Group stated that the rise in illegal cigarette trade and changes in trade inventory also contributed to the decrease in revenue.

References:

[1] PMFTC elects new president

Also Read:

[1] Philip Morris Pakistan Urges Crackdown on Illegal Tobacco Trade

[2] PMI Plans to Use Locally Grown Tobacco Leaves in Products

#Traditional tobacco #Asia #Philippines #Major companies

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

Copyright

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Poland Plans Total Prohibition of Single-Use Vapes to Protect Youth

Poland’s Ministry of Health has proposed legislation to ban all disposable e-cigarettes — both with and without nicotine — under a new amendment to tobacco product laws. The government aims to protect youth from nicotine addiction while reducing public health and environmental harm. Medical professionals largely support the move but call for balanced harm-reduction strategies.

Nov.25 by 2FIRSTS.ai

South Korea’s President Raises Safety Concerns Over Nicotine Alternatives at Cabinet Meeting

South Korea’s Cabinet has approved an amendment to the Tobacco Business Act that legally classifies liquid e-cigarettes as tobacco products. Under the revision, any product containing tobacco or nicotine will fall under tobacco regulation, explicitly including synthetic nicotine vapes. The move addresses long-standing regulatory and taxation gaps.

Dec.16 by 2FIRSTS.ai

Product | Dual-flavor, 30,000-puff SKE 2-in-1 launches across multiple UK distributor platforms.

E-cigarette brand SKE has listed its “30K Pro Max” bundle across multiple UK e-commerce platforms. The 2-in-1 device features dual flavors with a twist-to-switch design, draw activation, and mesh heating, with a claimed total of up to 30,000 puffs. Across several channels, single-unit pricing ranges from about £8.99 to £10.99.

Oct.24 by 2FIRSTS.ai

South Korea Publishes List of Major Tax Delinquents: Vape Wholesaler Owes Over USD 15.5 Million

The Korea Customs Service (KCS) has released a list of 236 habitual and large-scale customs tax delinquents with total unpaid taxes amounting to approximately USD 917 million. Among them, a vape wholesaler tops the individual list, owing about USD 15.57 million, while another vape-related company owes roughly USD 12.02 million.