The Department of Agriculture (DA) is planning to import at least 200,000 metric tons (MT) of refined sugar in September to ensure a stable supply and prevent price hikes in the retail market.
In a dinner discussion with members of the media on Wednesday, Agriculture Secretary Francisco Tiu Laurel Jr. said the target import intends to cover the gap before the milling season in October.
“Dapat by September, may arrival tayo (By September we should have an arrival), at least 200,000 (metric) tons, refined, for the gap before harvest and refining,” he said.
Laurel said the DA will finalize its sugar order in the second week of July since current sugar stocks are expected to drop in August.
The agriculture chief assured that the move underwent consultations with stakeholders.
The DA proposal was backed by United Sugar Producers Federation (UNIFED) President Manuel Lamata.
“This will fill in the shortage before harvest season starts in September. Harvest this coming crop year will be delayed due to El Niño, and when we were consulted about this matter, we approved the proposal,” he said in a statement.
Earlier, the Sugar Regulatory Administration (SRA) assured close monitoring of the country’s buffer stock and market demand trend to prevent a repeat of the August 2022 situation, where refined sugar stocks dropped to 27,000 MT, and retail prices went as high as PHP120 per kilogram.
Prevailing prices of refined sugar in Metro Manila range from PHP74/kg. to PHP92/kg, according to the DA-Bantay Presyo (price watch).
It said the monthly demand for sugar ranges from 180,000 MT to 240,000 MT.
As of June 9, the country has around 436,229 MT of physical sugar stock and 380,835.70 MT of refined sugar stock. (PNA)
