June 24, 2018
ABS-CBN News | https://goo.gl/xswRuA
MANILA - The Sugar Regulatory Administration on Sunday said it is looking into an importation program to address the rising prices of raw and refined sugar following the drop in production this year.
As of June 19, the price of raw (brown) sugar ballooned to P54.15 per kilo from P47 last September 2017, while the price of refined sugar rose to P64 from P53 for the same period, SRA administrator Hermenegildo Serafica told DZMM.
"This is one of the mechanisms para bababa ang presyo para sa consumers natin," Serafica said.
Local sugar production dropped 15 percent this month compared to the same period last year, he said.
Meanwhile, demand for raw and refined sugar increased by 13.64 and 20.41 percent, respectively, after drinks sweetened by high-fructose corn syrup were taxed P12 per liter under the Tax Reform for Acceleration and Inclusion (TRAIN) law, Serafica said.
"Nagkataon naman na ngayong taon na ito talagang bumaba ang production natin. Pero basically walang kinalaman ang TRAIN law sa pagakyat ng presyo, ito talaga is the drop in production," he explained.
The importation is not likely to affect local sugar producers since the proposed 200,000 metric tons are only meant to address the drop in supply.