Manila: The Sugar Regulatory Administration (SRA) is set to import 240,000 metric tons of refined sugar to stabilize the retail price in specific markets. This was made known Monday, reports Philippine News Agency.
SRA chief Pablo Luis Azcona emphasized the importance of this importation, stating, “This move will help us maintain a buffer that ensures the current stable retail price of refined sugar for consumers. It also guarantees a fair and stable price for our farmers, 85 per cent of whom are land reform beneficiaries.”
Azcona’s comments follow the approval of Sugar Order (SO) No. 5 on August 8, marking the first sugar import program for the 2024-2025 crop year.
“The purpose of this sugar import program is to ensure that, despite the expected adverse effects of El Niño, the country will continue to have enough sugar available for domestic consumption and as a buffer stock,” the order stated.
Of the total 240,000 MT to be imported, a maximum of 176,500 MT will be allocated to eligible importers who have previously supported or purchased from local farmers, in line with SO No. 2. Meanwhile, 63,500 MT will be set aside for replenishing sugar exports to the United States as outlined in SO No. 3.
“This is the first instance where potential importers are required to support local farmers before being eligible to participate in the program,” Azcona noted.
The sugar imports are expected to arrive around September 15, aiming to bridge the gap before the milling season begins in October.
Azcona also reassured the public about the availability of sugar stocks, noting that the country has a two-month buffer.
“We anticipate that our refineries will be operational by December. Raw mills are set to start on September 15, and we hope to mill sufficient stock by October,” he added.
As of July 21, the SRA reported that the country holds approximately 326,819 MT of physical sugar stock and 396,339.10 MT of refined sugar stock.
