diff --git a/dtool/pptempl/Template.msvc.pp b/dtool/pptempl/Template.msvc.pp
index ff2babd381..40cb5c62ef 100644
--- a/dtool/pptempl/Template.msvc.pp
+++ b/dtool/pptempl/Template.msvc.pp
@@ -35,14 +35,17 @@
   #end file
 #end decygwin
 
+#define dtool_ver_dir_cyg $[DTOOL_INSTALL]/src/dtoolbase
+#define dtool_ver_dir $[decygwin %,%,$[dtool_ver_dir_cyg]]
 
 // cant use DTOOL_INSTALL since may not be attached
-//#define dtool_ver_dir_cyg $[DTOOL_INSTALL]/src/dtoolbase
+// Actually, the above should work, assuming that DTOOL is set
+// correctly before building, whether we are attached or not.  The
+// following lines incorrectly assume that DTOOL is a sibling of the
+// current tree.
+//#define dtool_ver_dir_cyg ../../../dtool/src/dtoolbase
 //#define dtool_ver_dir $[decygwin %,%,$[dtool_ver_dir_cyg]]
 
-#define dtool_ver_dir_cyg ../../../dtool/src/dtoolbase
-#define dtool_ver_dir $[decygwin %,%,$[dtool_ver_dir_cyg]]
-
 //////////////////////////////////////////////////////////////////////
 #if $[or $[eq $[DIR_TYPE], src],$[eq $[DIR_TYPE], metalib]]
 //////////////////////////////////////////////////////////////////////