Philip Morris International (PM) 8-K Consolidated Financial Statements as of

Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

	For the Years Ended December 31,
	2008			2007(1)			2006(1)			2005(1)			2004(1)
Earnings before income taxes and minority interest	$	9,937		$	8,884		$	8,208		$	7,636		$	6,505
Add (deduct):
Equity in net loss (earnings) of less than 50% owned affiliates		64			(100	)		(163	)		(176	)		(111	)
Dividends from less than 50% owned affiliates		12			100			154			127			92
Fixed charges		618			359			446			407			254
Interest capitalized, net of amortization		(11	)		(8	)		(4	)		(12	)		(5	)
Earnings available for fixed charges	$	10,620		$	9,235		$	8,641		$	7,982		$	6,735
Fixed charges:
Interest incurred	$	543		$	280		$	378		$	340		$	198
Portion of rent expense deemed to represent interest factor		75			79			68			67			56
Fixed charges	$	618		$	359		$	446		$	407		$	254
Ratio of earnings to fixed charges		17.2			25.7			19.4			19.6			26.5

(1) Amounts for 2007, 2006, 2005, and 2004 have been revised to reflect the movement of certain subsidiaries to a December 31 closing date. The effect of this change for the years ended December 31, 2007, 2006, 2005 and 2004 was not material to our consolidated financial position, results of operations or cash flows.