Philippines seeks way to reduce costs, raise food production

Vegetables and fruits in Philippines (Photo: Getty images)

Hanoi (VNA) – The Philippine Government has recently said that it islooking to sign import deals with some of the world's biggest fertilisersuppliers, including China and Russia, to help lower costs and increase food productionamid high inflation.

The country’s President Ferdinand Marcos Jr. plans to workwith China, Russia, Indonesia, the United Arab Emirates and Malaysia to securefertiliser supplies at favourable prices, according to a statement issued byhis office.

Marcos also vowed to boost agricultural output over the nextsix months, expressing his hope that the Southeast Asian country will reduceits reliance on food imports and avoid being hit hard by a food crisis loomingover the world.

Agriculture officials have warned of higher local prices ofrice, the country's staple food, in the coming months partly due to surgingcosts of fertiliser, supplies of which have been disrupted by the Russia-Ukrainewar. The Philippines imports most of its fertiliser needs.

Partly driven by higher costs of some food items, Philippineinflation averaged 4.4% in H1, above the official 2%-4% target band, with theJune rate of 6.1% being the highest in nearly four years.

Marcos said he was looking to formally inform all fivecountries of his plan to buy a certain volume.

The Philippines uses 2.5 million tonnes of fertilisers everyyear, according to the Fertilizer and Pesticide Authority./.

VNA