According to the Philippine business mirror on August 9, the Philippines is considering importing chemical fertilizers and selling them to farmers at subsidized cost prices to ease the soaring prices of agricultural inputs in recent weeks.
The Department of agriculture (DA) is studying reducing the price of chemical fertilizer in the Philippine domestic market, said Darrell. Through cooperation with international suppliers or their subsidiaries, the government can introduce from other countries and sell them at affordable prices, so as to really reduce the price of chemical fertilizer.
The fertilizer and pesticide administration (FPA) said that the Philippines was also not spared from the global fertilizer supply problem because of increased demand and increased inventories in some countries. Nevertheless, the Philippines has sufficient inventory, which is close to 300000 tons as of June 21, and can spend the next crop season. However, Philippine farmers will have to endure high fertilizer prices, which are expected to remain high by the end of this year, especially phosphate and urea.
According to FPA data, the average price of imported chemical fertilizer rose by 20% to US $276.16 per ton from January to May. During this period, the import of chemical fertilizer by the Philippines increased by 2.44% year-on-year, about 90 tons, while the import volume increased by 23% to US $247 million. The latest data in August showed that the average price of chemical fertilizer was US $500 per ton, an increase of 40.5%.
Source: Economic and Commercial Department of the Embassy in the Republic of the Philippines