VIGOROUS Alliance, a Dubai-based Russian-owned company, signed a P30-billion fertilizer supply agreement with Planters Products, Inc (PPI), according to Agriculture Secretary Emmanuel F. Piñol.
PPI is a private corporation supervised by the Philippine Department of Agriculture (DA), and whose shares are owned by Filipino farmers.
“Under the agreement signed in Manila Thursday, Vigorous Alliance will supply fertilizer needed by Filipino rice farmers every planting season amounting to P30 billion,” Mr. Piñol said in a social media post over the weekend.
“The fertilizer will be loaned out by PPI to rice farmers at the start of the planting season payable after harvest,” he said,
According to Mr. Piñol, the loan which will start in October and will have no interest or service fees. He added the fertilizer price will be lower than the prevailing market price.
“Since there is no available government funds for the (fertilizer-on-credit) program this year, the DA worked on the arrangement between Vigorous Alliance and PPI,” he added.
The government’s National Fertilizer Support Program aims to provide nine bags of fertilizer for every hectare of land. — Reicelene Joy N. Ignacio