Palace: Gov鈥檛 eyeing to import 150,000 MT of fertilizers from China this year
FILE PHOTO: A farmer inspects the palay grown in his field in Naguilian Norte, City of Ilagan, Isabela on Thursday, February 10, 2022. VILLAMOR VISAYA JR.
MANILA, Philippines — The Philippine government plans to procure cheaper fertilizers from China and give them to Filipino farmers for free.
Malacañang revealed the plan on Monday as President Ferdinand Marcos Jr. met with officials of the Department of Agriculture (DA), Department of Trade and Industry (DTI), and Philippine Trade and Investment Center (PTIC) to discuss measures to help farmers and lower the prices of food.
Marcos is concurrently serving as DA Secretary.
According to PTIC President and Chief Executive Officer Emmie Liza Perez-Chiong, the agency plans to buy an initial 150,000 metric tons (MT) of fertilizer this year from China at $470 per MT.
She said the government-to-government agreement was cheaper than the current $650 MT.
Article continues after this advertisementThe Office of the Press Secretary (OPS) said the fertilizers will be given to local farmers for free to support them and lower the prices of food products.
Article continues after this advertisementA memorandum of agreement between PTIC and DA is currently being drafted, which is a basic requirement for the PTIC importation plan, according to the OPS.
Another requirement for PTIC’s fertilizer importation is a sovereign guaranty from the government-owned Landbank for a P1 billion credit line.
Marcos said he would sign the MOA between DA and PTIC this week.
He likewise directed Finance Secretary Benjamin Diokno to extend the sovereign guaranty to PTIC’s credit line from the Landbank.
“I will also ask LandBank to allow DA to use its idle warehouses for the stockpiling of fertilizers,” Marcos said, as quoted in the OPS press release.
The DA has allotted a P4.1 billion subsidy to buy fertilizers that will be given to farmers for free. With the lowered cost, Malacañang said the DA could buy around 2.277 million bags of urea which will be distributed to farmers through farmers’ groups and cooperatives.
The Palace also said the government plans to import around 300,000 MT of fertilizer for 2023.
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