Philippines Sugar price drop alarms sugarcane planters
Sugarcane planters in Bacolod City are urging the Sugar Regulatory Administration (SRA) and Department of Agriculture (DA) to intervene as sugar prices drop by P100 per 50-kilo bag. Manuel Lamata of the United Sugar Producers Federation suspects market manipulation by traders. Mill prices fell to P2,500 per bag, below the farmers’ expectation of P2,800. Planters request government action to stabilize prices, protect small producers, and address concerns about sugar quality amid rising input costs from El Niño.
BACOLOD CITY, Philippines — A large drop in the prices of sugar, or by an average of P100 per 50-kilo bag this week, has prompted sugarcane planters to seek help from the Sugar Regulatory Administration (SRA) and Department of Agriculture (DA).
Manuel Lamata, president of the United Sugar Producers Federation, said some people are playing with the market and immediate intervention is needed to curb the downtrend in sugar prices.
“We are urging the DA and the SRA to intervene as soon as possible and to unmask the culprits who are playing us,” Lamata said.
He said the pricing could be the handiwork of unscrupulous traders who want to amass huge profits at the expense of sugar farmers.
Mill prices of sugar averaged at P2,500 per bag on Thursday, when farmers were hoping for P2,800 per bag.
The Sugar Council – composed of the National Federation of Sugarcane Planters, Confederation of Sugarcane Producers, Panay Federation of Sugarcane Farmers and National Congress of Unions in the Sugar Industry of the Philippines – earlier asked the SRA to explain why the price of the commodity is declining.
Since the start of the milling season, Lamata said sugar prices have been erratically dipping and increasing, which raised suspicions that there are people who are profiting from recent events.
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“We need the DA and SRA’s intervention to prop up sugar prices at a comfortable level and to prevent further losses, especially now that the quality of sugar is being questioned due to the drought,” he said.
Lamata expressed hope the government would start buying sugar from farmers and directly sell it to the people until prices have stabilized.
He warned that if the downtrend would continue, minor sugarcane planters would be severely affected by the low price.
Lamata said small planters comprise more than 80 percent of the industry producers who are looking forward to a better holiday season, especially with the increase in production inputs due to the El Niño phenomenon.
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Source Link : MSN
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