Piñol: Up to 300,000 MT of sugar to be imported
Sugar farmers drop objections, agree to sell remaining stocks at P48/kilo
The Philippines is set to import up to 300,000 metric tons (MT) of sugar to address continued price increases for the commodity, a Cabinet official said.
Agriculture Secretary Emmanuel Piñol, in a Facebook post on Sunday, said sugar planters had agreed to drop their resistance to the government’s importation plans.
“In an unprecedented move, the country’s sugar planters have volunteered to sell refined sugar at P48 per kilo and allow government to import up to 300,000 metric tons of sugar to bring down prices in the market,” Piñol said in the September 16 post.
Sugar planters made the announcement during a dinner hosted by Senator Juan Miguel Zubiri in Makati last Thursday, he added.
The Agriculture chief said the move would support the government’s efforts to bring down prices of basic commodities that have raised consumer complaints and contributed to above-target inflation.
The sugar farmers’ commitment to release their remaining supply of refined sugar at P48 per kilo will come as a relief to consumers who have had to deal with prices that have breached P60 per kilo.
Pinol said that sugar planters insisted that the imported sugar should only be used for domestic consumption.
They will also not be seeking royalty payments, unlike during previous importations.
An official statement on the planned importation, he said, could be released on Monday, September 17.
Domestic raw sugar production for the 2017-2018 crop year was 2.08 million MT, below the 2.27 million MT target. A sugar crop year starts every September and ends in August.
The reduced output prompted the Sugar Regulatory Administration (SRA) to cut exports to the world market and allocate more for domestic consumption.
In June, the SRA allowed the importation of 200,000 MT of sugar to arrest a surge in domestic prices.
Prior to this, the Philippines imported 100,000 MT of sugar from Thailand in 2016 to address a production slump blamed on the El Niño weather phenomenon.
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