烟草在线据《菲律宾每日问询报》报道编译　　陈永栽集团（LTG）已取消了与菲莫集团签署的退出协议，确认了其对烟草企业的承诺。

　　在12月11日向菲律宾证券交易所披露的文件中，陈永栽集团表示，其董事会以及福川烟草公司（FTC），已同意终止福川烟草公司与菲莫菲律宾制造公司在2010年签署的退出权利协议。

　　来自陈永栽集团的消息来源称，双方终止退出协议只是意味着福川烟草公司“不会退出或离开烟草业务”。

　　2010年成立的合资公司——菲莫福川烟草公司（PMFTC），经营福川烟草公司和菲莫公司的合作业务。

　　陈永栽集团拥有福川烟草公司至少83%的股权，相应地，拥有菲莫福川烟草公司49.6%的股权。

　　近日，陈永栽集团表达了对非法卷烟贸易的关注，一个竞争对手会以一个“在经济上不可持续的”价格即每支1比索的价格出售产品。

　　陈永栽集团指出了今年消费者转向低价卷烟的趋势。在截止到今年7月的三个月中，低价卷烟产品的份额，包括菲莫福川烟草公司的品牌，从去年同期的仅有15%，增长到整个市场规模的44%。

　　由于菲莫福川烟草公司的资产净收益减少了，因此在今年1-9月，陈永栽集团的烟草业务净收入同比下降了37.7%，达到28亿比索。第三季度的销量减少到178亿支，同比下降了20.7%，而在2013年第一季度的销量同比下降了42.5%，今年第二季度的销量同比下降16.5%。

　　陈永栽集团认为，非法卷烟贸易已经成为菲律宾仅次于石油走私的一个关键问题。隐蔽的国内制造卷烟以及来自于国外的走私产品助长了非法贸易。

　　另外，福川烟草公司和陈永栽集团的董事会批准了一项修订的分红政策，将“大幅提高股东利益”，并将于2014年1月生效。

　　福川烟草公司已经批准了股票分红的声明，相当于96.2亿股普通股。

　　同时，陈永栽集团肯定了支持其银行业务部门——菲律宾国家银行（PNB）的承诺。其董事会已批准通过其控股公司根据股权发行来认购至少9780万股菲律宾国家银行的股份。

Philippines: LTG Shores up Tobacco Venture

　　The Lucio Tan group has scrapped an exit agreement with the Philip Morris group, affirming its commitment to their tobacco venture.

　　In a disclosure to the Philippine Stock Exchange on Wednesday, LT Group Inc. (LTG) said its board, as well as that of Fortune Tobacco Corp. (FTC), has agreed to terminate the exit rights agreement FTC sealed with Philip Morris Philippines Manufacturing Inc. in 2010.

　　A source from LTG said the termination of the exit agreement by both parties simply meant that FTC was "not about to exit or leave the tobacco business."

　　Philippine Morris Fortune Tobacco Corp. (PMFTC), the joint venture firm created in 2010, operates the combined businesses of FTC and Philip Morris.

　　LTG owns at least 83 percent of FTC which, in turn, owns 49.6 percent of PMFTC.

　　Recently, LTG expressed its concern over the illicit trade in cigarettes, where a competitor could sell products at an "economically unsustainable" price of P1 a stick.

　　LTG noted the downtrading by cigarette consumers this year. The share of the low-priced segment, including PMFTC's brands, increased to 44 percent of the overall market in the three months to July, from only 15 percent the previous year.

　　LTG's tobacco business posted a 37.7-percent year-on-year decline in net income from January to September to P2.8 billion, due to PMFTC's lower equity in net earnings. Volume reached 17.8 billion sticks in the third quarter—20.7 percent lower year on year—compared with the 42.5 percent year-on-year volume drop in the first quarter of 2013, and the 16.5 percent decline in the second quarter of this year.

　　Next to oil smuggling, LTG believes the illicit trade of cigarettes has become a key concern of the Philippines. Underground domestic manufacturing of cigarettes and the smuggling of products from abroad are seen to fuel the illegal trade.

　　Also, the boards of FTC and LTG approved an amended dividend policy effective January 2014 that would "substantially increase the benefits to its shareholders."

　　FTC already approved the declaration of stock dividend equivalent to 9.62 billion common shares.

　　Meanwhile, LTG has affirmed its commitment to support its banking arm, Philippine National Bank. Its board approved the subscription to at least 97.8 million shares of PNB through its holding companies pursuant to its stock rights offering. Enditem