The Philippine government is seeking to import 150,000 metric tons of fertilizer from China "this week," Malacañang said on Monday.

The Office of the Press Secretary, in a statement, said the President will sign a memorandum of agreement between the Department of Agriculture and the Philippine Trade and Investment Center for the importation of cheaper fertilizers from China.

The OPS disclosed that PTIC president and chief executive officer Emmie Liza Perez-Chiong said her agency plans to buy an initial 150,000 MT of fertilizer this year from China at $470 per MT from the current $650 per MT through a government-to -government arrangement.

The government plans to import around 300,000 MT of fertilizer in total to be used next year, according to OPS.

This was discussed during President Ferdinand "Bongbong" Marcos Jr.'s meeting with the officials of DA, PTIC, and the Department of Trade and Industry to discuss various measures that will pave the way for the entry of cheaper fertilizers.

The fertilizers that will be procured, OPS said, will be given to farmers for free as a subsidy in a bid to support farmers and lower the prices of food.

OPS added that the MoA between PTIC and DA is now being drafted. It is one of the requirements for the importation plan.

Another requirement for PTIC's fertilizer importation is a sovereign guarantee from the government-owned Landbank for a P1 billion worth of credit line.

In line with this, the President directed Finance Secretary Benjamin Diokno to extend the sovereign guaranty to PTIC's credit line from the Landbank.

"I will also ask LandBank to allow DA to use its idle warehouses for the stockpiling of fertilizers," Marcos said, as quoted by the OPS.

The PITC is the only state trading corporation in the country and has helped local businesses and agencies benefit from international trade since its establishment in 1973.

The DA, currently led by Marcos, has allotted a P4.1 billion subsidy to purchase fertilizers to be given for free to farmers.