The Philippines is mulling over importing 300,000 metric tons (MT) of sugar to plug the shortfall in supply and temper rising prices as local production falls to its lowest level in more than two decades. Know more:
THE Philippines is mulling over importing 300,000 metric tons of sugar to plug the shortfall in supply and temper rising prices as local production falls to its lowest level in more than two decades.
Serafica explained that even if some sugar mills start operating in August, they would not be able to meet the monthly estimated sugar demand of the country. The volume would be 16 percent lower than the 2.143 MMT recorded output in the previous crop year. The volume is also 9 percent lower than the 1.98 MMT final crop estimate made by the SRA months ago.
Industry sources told the BusinessMirror that participants during the stakeholders’ consultation were unanimous in proposing an additional sugar import program with a volume ranging from a low of 150,000 MT to as much as 350,000 MT.President Ferdinand R. Marcos Jr. was briefed by Department of Agriculture and SRA officials on the country’s sugar supply situation last August 1.
Serafica also recommended to Marcos, the concurrent Agriculture Secretary and SRA Board Chairperson, the drafting of a new SO for another import program.
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