According to the Fitch Group unit, the sugar price in the Philippines is “twice as high as” those in the global market, and it will remain “remain uncompetitive” in 2020.
According to Fitch Solutions, the country was trading sugar at around P1,500 per 50-kilo bag in recent months. AT international level, in 2020, it would be around P760 for 50-kilo bag.
According to Fitch Solutions, local sugar production would be around 2.1 million metric tons (MMT) from the previous 2.2 MMT.
In the last crop year, the Philippines imported sugar two times. First of 150,000 tonnes of sugar during the commencement of season 2018-2019 in October. Second recently, in August 2019, to avoid possible sugar price hike in the Philippines, the SRA had allowed the importation of 250,000 metric tonnes of refined sugar to fulfil the deficit in domestic production.
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