A large drop in the prices of sugar, or by an average of P100 per 50-kilo bag this week, has led sugarcane planters to request assistance from the Sugar Regulatory Administration (SRA) and the Department of Agriculture (DA).
“Someone is manipulating the market, and immediate action is needed to stop this downward trend,” said Manuel Lamata, president of the United Sugar Producers Federation (UNIFED).
Lamata accused traders of causing “artificial pricing” to maximize profits at the expense of farmers. He urged the government to identify and expose those responsible.
Last Thursday, mill prices averaged P2,500 per bag, well below the P2,800 per bag needed for farmers to earn a profit, Lamata said.
The Sugar Council, composed of the National Federation of Sugarcane Planters (NFSP), Confederation of Sugarcane Producers (CONFED), Panay Federation of Sugarcane Farmers (PANAYFED), and the National Congress of Unions in the Sugar Industry of the Philippines (NACUSIP), had previously sought an explanation from the SRA for the continuing decline in prices.
“We need the DA and SRA to intervene to stabilize sugar prices to prevent further losses, especially considering the added challenge of decreased sugar purity due to drought,” Lamata added.
