The Philippines is a net importer of inorganic fertilizers. Significant changes in the world market can greatly impact the country’s fertilizer industry. In 2021-2022, the prices of fertilizer raw materials surged and global supply tightened because of the pandemic, China’s export restrictions and the conflict between the two major producers of inorganic fertilizers, Russia and Ukraine (Baffes and Koh, 2022) contributed to these scenarios. Consequently, the domestic inorganic fertilizer prices swelled up (i.e., Muriate of Potash by 49%, Complete by 58%, Diammonium Phosphate by 61%, Ammophos by 63%, Ammosul by 77%, and Urea by 87%) in 2021-2022 from its level in 2019-2020 (Figure 1). In 2023, prices started to decrease but still above the 2019-2020 level.
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