Philippines : Millgate price of sugar continues to fall
Sugar prices in the Philippines are falling, with the Sugar Regulatory Administration (SRA) noting steady demand despite claims of oversupply. Administrator Paul Azcona explained that reversing the price drop is difficult without cooperation from all stakeholders. The SRA is working on solutions. Azcona also warned the public about scams using his name to solicit funds.
The millgate price of sugar continues to decline, according to Sugar Regulatory Administration (SRA) Administrator Paul Azcona.
“Why are prices falling? Pricing and trading are driven by the private sector based on our charter, so the traders are the only ones who truly know,” Azcona explained.
There have been claims of oversupply and slow market movement, but Azcona pointed out that, based on their monitoring, the market activity isn’t as slow as some have claimed, as they have data showing demand. However, he acknowledged that the price decline is difficult to reverse unless all stakeholders decide to take action.
“The millgate price continues to drop, so we need to address this issue. At the SRA, we are working to find ways to raise prices by regulating supply. But right now, there isn’t enough excess supply, which makes it difficult because local farmers have been complaining,” Azcona added.
He stated that the SRA is working on finding solutions and hopes to come up with a plan by the end of the month.
In the meantime, Azcona also warned the public against engaging in any solicitation using the name of the SRA.
He revealed that two incidents have been reported to the police involving fraudulent activities where his name was used to solicit money. The first incident occurred on Nov. 27, when a supplier reported that an unidentified person had called on Nov. 26, claiming to be Azcona and asking for financial contributions. After verifying the call, the supplier realized it was a scam.
A week later, on Dec. 2, a utility worker at the SRA received a call from a food catering supplier who reported that an unidentified Tagalog-speaking individual had called, introduced himself as Azcona, and requested a cash donation.
Azcona clarified that the SRA does not solicit money, as it has an allocated budget for programs like disaster response.
He said they are working to track down the individuals behind the fraudulent calls. (TDE)
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Source : Sunstar
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