Filipino firm signs P30B fertilizer supply deal with Dubai’s Vigorous Alliance
Planters Products, Inc. (PPI), a corporation supervised by the Department of Agriculture (DA), has signed a P30-billion fertilizer supply agreement with a company called Vigorous Alliance, which is Dubai-based Russian company.
“Filipino rice farmers will soon have access to low-cost fertilizer on credit and this program will not even entail government funds,” Agriculture Secretary Emmanuel Piñol said.
Under the agreement signed last week, Vigorous Alliance will supply fertilizers needed by Filipino rice farmers every planting season amounting to about P30 billion.
Piñol refers to the deal as DA’s one of major accomplishments during its trade mission in Russia two weeks ago.
To be specific, the fertilizer will be loaned out by PPI to rice farmers at the start of the planting season payable after harvest.
PPI is a private corporation whose shares are owned by the Filipino farmers and is under the administrative supervision of the DA.
According to Piñol, Vigorous Alliance Chief Executive Officer Merdan Gurbanov and his associate Lev Dengov flew in Monday for a series of extensive negotiations with PPI.
The fertilizer loan will start October for the dry season planting.