According to Hontiveros, one of the three 'favored' sugar importers charges P85 per kilo of refined sugar – much higher than the P25 per kilo wholesale price of sugar from Thailand.
MANILA, Philippines – Amid the country’s sugar crisis, three sugar importers allegedly favored by the government could make more than P14 billion in profits, according to Senator Risa Hontiveros. the 440,000 metric tons of imported sugar permitted by Sugar Order Number 6.
“This is not just a state-sponsored formation of a cartel,” Hontiveros said. “It is a cartel that generates super profits, none of which will go to the National Treasury.” Hontiveros also compared a breakdown of pricing from a “decent” importer to that of All Asian Countertrade. The senator did not specify the source of the information., you know that you would already get a decent profit if you sell sugar at P61. profit of P8 per kilo, per industry standard at a wholesale price point of P61," Hontiveros said in an online post.
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Hontiveros: 3 traders may take billions of 'super profits' from sugar importation"Selling it at P85 is nothing short of outrageous. Parang tumama ka ng 50 times sa Super Lotto nang hindi ka man lang tumataya," Hontiveros said. “You can actually buy refined sugar wholesale for P25 per kilo in Thailand. Kung matino kang importer, you know that you would already get a decent profit if you sell sugar at P61, bayad na doon ang warehousing, duties, handling, at may maayos ka na na profit of P8 per kilo per industry standard at a wholesale price point of P61,” she added.For the senator, the P85 asking price of All Asian imposes an additional P24 “super profit.”
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