AMID soaring prices of sugar in the country, the Sugar Regulatory Administration said Wednesday that it would import 440,000 metric tons of refined sugar in order to cut down consumer prices of the commodity.
Refine sugar now costs P110 per kilo, according to the latest price monitoring from the Department of Agriculture.
Pablo Luis Azcona, SRA Board Member and Planters Representative, said the agency would ensure that farmers would get a fair price and would not be hurt by the importation.
“Iyong inaangkat na asukal po, iyong plano talaga noon is to help lower the consumer price, at the same time making sure po na iyong farmers natin get a fair price so they can continue planting and hopefully i-expand po iyong mga farms nila para magiging self-sufficient po tayo sa asukal,” Azcona said in a public briefing.
The SRA expects the consumer price of sugar to go down by 85 percent once the imported supply coms in, he said.
But he has yet to release the suggested retail price of refined sugar.
Azcona said that the importation would be divided into two allocations: 200,000 metric tons for consumer supply and an additional 240,000 for buffer stocks, or the additional stock that is stored on hand in case of production delays or an unforeseen rise in demand.
Low supply
As per the January Sugar Supply and Demand situation report of the SRA, the milled supply of refined sugar has declined to 27,388.35 metric tons, or a significant 80.93 percent drop.
But when it comes to raw sugar, Azcano said the government is not considering the importation of the commodity as the country has sufficient supply and production capacity for this.
Sugar shortfall
In 2022, the SRA recorded a decline in the production of sugars in the country due to the onslaught of Typhoon Odette.
As a result, soda company Coca-Cola reported the temporary shutdown of some of its bottling operations due to the shortage in the supply of refined sugar, which is the primary ingredient in making the beverage.
Other companies, including Pepsi and RC Cola, also confirmed the impact of the sugar supply shortage on their production.
