The Board of Directors of Philip Morris Companies Inc. (NYSE: MO) today voted to increase the company's regular quarterly dividend by 9.4%, to an annualized rate of $2.32 per common share. The new quarterly dividend of $0.58 per common share, up from $0.53 per common share, is payable on October 10, 2001 to stockholders of record as of September 17, 2001.