Marcos Secured Business Deals With China To Lower Fertilizer Prices

According to the Palace, President Ferdinand “Bongbong” Marcos Jr. has secured business deals with Chinese firms to lower fertilizer prices.

The Presidential Communications Office said Marcos held a roundtable discussion last Jan. 5 with chief executive offices from the agribusiness sector in Beijing.

Marcos “expressed appreciation to two Chinese fertilizer manufacturing companies that have signed a cooperation agreement with Philippines International Trading Corporation to ensure a sustainable supply of the much-needed fertilizer at reasonable prices,” the Palace said.

Maros also said the cost of agricultural inputs, including fertilizers, has “become prohibitive and unaffordable for our local farmers.” 

 “We look forward to a steady supply of fertilizer inputs needed by our farmers through these agreements,” Marcos added.

Moreover, Marcos assured Chinese business leaders that the government will continue to support their projects in the country.

“The Philippine economic management team, including the Department of Agriculture (DA), will serve as your focal points of contact for any concerns regarding doing business and expanding your commercial footprint in the Philippines,” Marcos said.

Trade Secretary Alfredo Pascual, who was also part of the roundtable discussion, invited business leaders to “firm up” their interest to make investments in the country “for plantation development and building of processing facilities.”

Additionally, the Philippines and China released a joint statement saying both countries signed 14 agreements during the president’s visit to Beijing. However, analysts said these agreements with China are either “revivals or continuations of unfulfilled accord from previous administrations.”

Source: Philstar