Philippines-SRA: Importation of 424,000 MT refined sugar won’t affect price
The Sugar Regulatory Administration said the importation of 424,000 metric tons of refined sugar starting July 15 will not impact prices, which have stayed at ₱85 per kilo for three years. Current stock is 310,000 MT, enough until October. The import will help meet demand and maintain a two-month buffer, with no effect on farmers or retail markets.
The Sugar Regulatory Administration said Friday the country’s importation of nearly half a million metric tons of refined sugar will not affect the prices of sugar in the coming months.
SRA administrator Pablo Azcona said the importation of 424,000 MT tons, which should arrive in the country starting July 15, will also not affect farmers.
“’Yung pricing natin has been stable on the retail market. ‘Yung refined sugar natin ay nag-stay sa P85 for the last three years already…. And we are actually seeking to keep it there, just keep it stable,” he said in Bagong Pilipinas Ngayon.
(Our pricing has been stable on the retail market. The price of refined sugar has stayed at P85 for the last three years already…And we are actually seeking to keep it there, just keep it stable.)
“In the last year, bumaba din ‘yung price ng brown sugar at washed sugar sa retail…So parang ‘yung situation sa ngayon, very good for the farmer, tumaas ‘yung farmgate at millgate price niya. Very good din for the consumer, bumaba ‘yung retail price ng brown at ng washed, at stable si refined,” Azcona added.
(In the last year, the prices of brown sugar and washed sugar in the retail market also declined….So the situation now is very good for the farmers, because the farmgate and millgate prices increase. But it is also very good for the consumers because the prices for the brown and washed sugar have decreased, while the price of refined sugar has remained stable.)
SRA earlier allowed the importation “to ensure that the country [would] continue to have sufficient actual supply of sugar for domestic consumption and buffer stock.”
The sugar regulatory agency added that the country currently has a stock of 310,000 MT of refined sugar which could last until October. Hence, the entry of the 424,000 MT of refined sugar should be by November 30.
“Yung current stock kasi natin ng refined sugar ay nasa 310,000 metric tons po at off milling na po tayo ngayon. So ‘yung 310,000 metric tons natin ay this is good for about almost four months po, and that will be around October at wala pa rin po tayong local refining by that time. So ‘yung pag-angkat natin, half of it will be used, kailangan natin, and then 170,000 gagamitin as two-month buffer po,” said Azcona.
(Our current stock of refined sugar is at 310,000 metric tons and we are currently off milling. So the 310,000 metric tons we have now is good for about four months, which could last until around October. But we still had no local refining by that time. So with the importation, half of it will be used for our own and the other 170,000 will be allocated for the two-month buffer.)
The importers who will be allowed to bring in the required refined sugar volume are licensed international sugar traders in “good standing,” those who have joined the government’s past sugar importation calls, and those who participated in the export of raw sugar to the US to fulfill the Philippines’ tariff rate quota, according to SRA
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Source : GMA
