Owned 50-50 by PMI and local conglomerate LT Group,[4] PMFTC is the leading cigarette manufacturer in the Philippines, controlling over 90% of the local market, commercialising the brands Fortune International, Hope Luxury, Marlboro, and More, among others.

Fortune Tobacco Corporation (FTC) was established in 1966, founded by Benito Tan Kee Hiong, Atty.

On February 25, 2010, PMI and Fortune Tobacco Corporation (FTC) signed an agreement to unite their respective business activities by transferring selected assets and liabilities of both companies to a new company named PMFTC, Inc., with each party holding an equal economic interest.

[1][6] The agreement stated that PMI retained its export business, while FTC kept its interest in the distribution of the Winston brand of Japan Tobacco.

PMFTC would not be affected by pending tax and ownership disputes with local courts involving FTC.