Former Department of Agriculture (DA) secretary and Federation of Free Farmers president Leonardo Montemayor on Thursday accused sugar traders of profiteering.
Former Department of Agriculture secretary and Federation of Free Farmers president Leonardo Montemayor on Thursday accused sugar traders of profiteering.'There is likely profiteering. Traders are involved in windfall gains. Traders buy their sugar at very low farmgate prices, but there is a big difference between the buying price for the raw sugar as against the retail price,' Montemayor said.He said United Sugar Producers Federation President Manuel Lamata share his suspicions.
Even if the government allows the importation of refined sugar, its price will remain high because of profiteering, 'So I agree that should be carefully addressed,' Montemayor said.Lamata reiterated his call to the Department of Trade and Industry to inspect the traders' sugar mills and warehouses.
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