Mighty Corp., a wholly-Filipino owned tobacco company decided to buy 10 million kilograms of tobacco products worth millions of pesos from farmers in Northern Luzon and elsewhere in the country.
According to the company's executive vice president Oscar Barrientos said in an official letter of intent to National Tobacco Administration administrator Edgardo Zaragoza it would buy tobacco from farmers 100 percent more than the five million kilograms his firm bought in 2013.
“This is to assure our tobacco farmers of our willingness to help in response to the published report of the market leader in the tobacco industry to lessen production this year,” Barrientos, a retired regional trial court judge, said.
Barrientos said the critics had been spreading lies about the company, especially Mighty’s tremendous increase of its market shares.
The company's market shares went up to 20 percent of the low-priced cigarette brands last year from in 2012, in which the result of paying P8.2 billion in excise taxes.
Barrientos said the company’s market shares shot up following the implemented Republic Act 10352, or the Sin Tax Law, that leveled the playing field in the multibillion-peso tobacco industry which was controlled by Philip Morris and Fortune Tobacco.
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