Philippines plans to buy 150,000 tonnes of fertiliser from China at $470/T; big steps to boost its harvest

MANILA, Nov 7 (Reuters): The Philippines said on Monday it plans to buy 150,000 tonnes of fertiliser this year from China at US$470 per tonne through a government-to-government arrangement.

The Philippine Trade and Investment Center said in a statement it is working with the department of agriculture to draft a memorandum of agreement for the import plan.

The Southeast Asian country is ramping up support for the agriculture sector to boost food harvests, as it battles inflation running at its highest in almost 14 years.

President Ferdinand Marcos Jr. had earlier disclosed plans to reach out not just to China, but also to Russia, Indonesia, United Arab Emirates and Malaysia in procuring fertiliser supplies at favourable prices through government deals.

Marcos on Monday met with officials of the PTIC, DA and the Department of Trade and Industry to discuss various measures that will pave the way for the entry of cheaper fertilisers that will be given to farmers for free, the Office of the Press Secretary said in a statement.

Marcos will sign the memorandum this week, and has directed Finance Secretary Benjamin Diokno to extend a sovereign guarantee from state-owned Land Bank of the Philippines for a credit line worth 1 billion pesos ($17.13 million), it said. - Reuters