PBBM approves import of 150k tons of sugar READ MORE:
Ahead of an expected shortage by August this year, the government has approved the importation of sugar to stabilize its supply — and is considering a similar move for onions to bring down prices.
However, the country will still need to import an additional 100,000 to 150,000 MT of sugar by this year because the expected local production of 2.4 million MT and the imports authorized so far will not be able to cover the 3.1 million MT demand. “The importation hopefully would result in more reasonable prices for sugar locally so we as processors and food manufacturers can remain competitive in both the local and foreign markets. We hope that members of PHILFOODEX will be given allocations for the inbound sugar,” he added.
Sugar farmers see local refined sugar demand at 36 percent lower compared to the same period in 2023, while a substantial drop is seen in refinery withdrawals in 2023.
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