NextGen Day

According to Malacanang, President Ferdinand R. Marcos Jr.’s business partnerships with Chinese companies will assist lower fertilizer prices, an important step in the administration’s present effort to support farmers and assure food security.

To guarantee a steady supply of much-needed fertilizers at affordable costs, two Chinese fertilizer manufacturing companies recently signed a partnership agreement with the Philippine International Trading Corp. (PITC).

During a roundtable session with chief executive officers from the agribusiness sector on January 5 in Beijing, Marcos stated, “We look forward to a continuous supply of fertilizer inputs needed by our farmers through these agreements.”

The price of agricultural inputs, particularly fertilizers, has “become prohibitive and unaffordable for our local farmers,” according to the President.

Given the current state of the world economy, it has become increasingly challenging to provide an inexpensive and sustainable supply of inputs like seedlings and fertilizer, according to Marcos. This is evident from the supply chain issues that have been reported by everyone.

Establishing cooperative relationships with suppliers, he suggested, would enable the government to purchase inputs in bulk and offer them to farmers at a discount, as a means of resolving the issue.

Marcos obtained USD2.09 billion in purchase commitments for Philippine fruits like durian, coconut, and bananas during his three-day state visit to China.

The foundations of the Philippine economy “remain solid and have been progressively strengthening,” he added.

I can guarantee you that the Philippine government is devoted to assisting your commercial endeavors there. He addressed Chinese business leaders, “The Philippine economic management team, including the Department of Agriculture, will serve as your focal points of contact for any questions about conducting business and growing your commercial presence in the Philippines.

The Philippines should be viewed equally as “a valuable contributor to their worldwide enterprises and as a partner in restoring the economy of both our countries,” he said in his invitation.

“Our collaboration is essential for coping with the pandemic and recuperating. So, he continued, “I believe that collectively, we can create a more robust and sustainable economy.

Also urging the business executives to consider the Philippines as an investment destination for plantation development and the construction of processing facilities was Trade Secretary Alfredo Pascual, who participated in the roundtable discussion with the President.

He mentioned the country’s involvement in the Association of Southeast Asian Nations (ASEAN) Trade in Goods Agreement, also known as ATIGA, the ASEAN-China Free Trade Area, and other ASEAN agreements as well as the country’s increased market access.

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