The relaxation of import rules on imported sugar would ease the entry of imports and lower the prices of the sweetener, expects the Department of Finance (DOE).
Finance Secretary Benjamin E. Diokno during a news briefing stated that one of the short-term measures to address the increasing inflation is to remove the quantitative restriction (QR) on sugar.
The QR could be removed through an executive order (EO), he said.
It is a non-tariff measure (NTM) that restricts the volume of commodities that can enter the country.
During the sectoral meeting with President Ferdinand R. Marcos Jr. on Tuesday, Diokno said, “The supply pressure can be eased after relaxation of quantitative import restrictions on sugar.”
According to industry experts, the use of EO could be aimed at amending the Sugar Regulatory Administration (SRA) charter created through the EO18 series of 1984.
