October 19, 2018
BusinessWorld Online (Denise A. Valdez) | https://goo.gl/jUJEXN
THE Sugar Regulatory Administration (SRA) said on Friday the farm-gate price of sugar fell 18% this month to P1,634.58 per 50 kilograms from P2,003.60 in July.
“Since the start of the milling season last September 1 and the issuance of Sugar Order No. 2 (SO 2), Series of 2018-2019 on Sugar Import Program for Crop Year 2018-19 was issued last October 1, 2018, prices of sugar has been on a downward trend,” SRA Administrator Hermenegildo R. Serafica said in a statement.
The SRA said it is pushing planters associations, planters federations and millers to sell sugar at the adjusted price following the drop, specifically P50 for refined, P45 washed and P41 raw.
“SRA continues to monitor prices in the supermarkets and wet markets and those selling higher than prevailing prices are asked to explain,” it said.
Local groceries are encouraged to source their sugar supply from planters’ associations to score a cheaper price, or from the SRA itself which sells sugar at P48 for refined and P40 for raw and brown sugar under the “TienDA Malasakit” brand.
SO 2 ordered for the importation of 150,000 metric tons of raw or refined sugar which as a means to temper the rising price of the commodity. All the orders are expected to arrive until Dec. 31.
The SRA said of those ordered, 64,475 metric tons or 1.29 million 50-kilogram bags of sugar are already on the way to Philippine ports as of Friday.
Since Sept. 1, the SRA said, 1.6 million 50-kilogram bags of raw sugar and 928,508 bags of refined sugar have been locally produced by the existing seven sugar mills and five sugar refineries in the country.
It added that more mills and refineries are set to open in the next weeks, which will keep adding to the country’s sugar supply.