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

Indonesian Police to Crack Down on Etomidate-Laced Vapes

Indonesia’s National Police Criminal Investigation Department (Bareskrim Polri) will continue to take enforcement action against users and distributors of etomidate-laced vape liquids, even though the substance is not yet classified as a narcotic. Brigadier General Eko Hadi Santoso, Director of Narcotics Crimes, said etomidate is an anaesthetic drug regulated under Health Law No. 17 of 2023, but has not been listed as a narcotic or psychotropic substance.

Oct.23 by 2FIRSTS.ai

China Tobacco Accelerates Global Cigar Expansion as CTIHK Becomes Unified Export Platform

After decades of dominance by Cuban and non-Cuban cigars, a new contender is emerging from the East. China Tobacco International (HK) has consolidated the country’s top four cigar brands under one global export platform — a move that could redefine how the world perceives “Chinese cigars.”

Nov.11

Tasmania, Australia Will Introduce New Laws Targeting Illegal Vape and Tobacco Retailers

Tasmania will introduce new laws next year to tackle the illegal trade in tobacco and vapes. The legislation will strengthen penalties, allow inspectors to issue on-the-spot fines and shut down non-compliant retailers, and enhance coordination between police and health authorities.

Nov.11 by 2FIRSTS.ai

Lao Shuts Down Nearly 300 Online Vape Stores in Joint Crackdown with WHO and Meta

In a coordinated effort with the World Health Organization (WHO) and Meta, the Lao Ministry of Health has taken 288 online e-cigarette stores with more than 759,599 members offline, reinforcing the country’s total ban on e-cigarettes under the National Tobacco Control Law.