(Eagle News)–President Bongbong Marcos has secured business pacts with China for lower fertilizer prices, the Presidential Communications Office (PCO) said.
The PCO said in a release that two Chinese fertilizer manufacturing companies have signed a cooperation agreement with the Philippine International Trading Corporation (PITC) for this.
In the release, the President noted that the cost of agricultural inputs, especially fertilizers, has “become prohibitive and unaffordable for our local farmers.”
He said providing an affordable and sustainable supply of true seedlings has also become more difficult, “given global economic challenges” as he expressed hope for a “steady supply of fertilizer inputs needed by our farmers through these agreements.”
During his visit, the President also secured a $2.09-billion purchase intentions for Philippine fruits such as durian, bananas, and coconuts.
He gave Chinese business leaders the assurance that the Philippine government is “committed to support” their business activities 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,” he said.
Trade Secretary Alfredo Pascual, who was with the President in the meeting with Chinese business leaders, meanwhile, asked business leaders to “firm up your interest to make an investment destination in the Philippines for plantation development and building of processing facilities.”
In making the statement, Pascual noted that the Philippines was a “highly promising production base for agribusiness, a source also of products for export to China.”
He said the Philippines is also a participant in the Association of Southeast Asian Nations (ASEAN) Trade in Goods Agreement or ATIGA, among other ASEAN pacts.
“Let us make more agribusiness investments happen in the Philippines,” he said.
The President’s state visit to China with a delegation team was from January 3 to 5.