PRESIDENT Ferdinand Marcos, Jr. has secured business agreements with China for lower fertilizer prices, a vital part of his administration’s bid to help farmers and ensure food security.
The fertilizer deals were secured during a roundtable discussion in Beijing with chief executive officers from China’s agribusiness sector, Presidential Communications Office (PCO) said on Saturday, Jan. 7.
Marcos has expressed appreciation to two Chinese fertilizer manufacturing companies that have signed a cooperation agreement with the Philippine International Trading Corporation (PITC) to ensure sustainable supply of the much-needed fertilizers at reasonable prices, the PCO added.
“We look forward to a steady supply of fertilizer inputs needed by our farmers through these agreements,” Marcos was quoted in the release as saying.
Moreover, the President pointed out that the cost of agricultural inputs, especially fertilizers, has “become prohibitive and unaffordable for our local farmers.”
“Providing sustainable and affordable supply of inputs such as fertilizers and seedlings has become more difficult, given global economic challenges, as we have all seen in the supply chain problems that we have encountered,” the President added.
On the other hand, the Philippines has also secured $2.09-billion purchase intentions for Philippine fruits such as durian, coconut, and bananas, among others.
In the meeting, the chief executive emphasized that the Philippine economic fundamentals “remain strong and have been steadily improving.”
Marcos also invited them to look at the Philippines equally “as a valuable contributor to their global businesses and as a partner in rebuilding the economies of both our countries.”
For his part, Trade Secretary Alfredo Pascual, who joined the President in the roundtable discussion, invited business leaders to “firm up your interest to make an investment destination in the Philippines for plantation development and building of processing facilities.”
In his remarks, he cited the expansion of the country’s market reach as well as its participation in the Association of Southeast Asian Nations (ASEAN) Trade in Goods Agreement or ATIGA, the ASEAN-China Free Trade Area, and other agreements of ASEAN. (GMA Integrated News)
