Manila: Prices of retail sugar in the country are likely to reduce as President Ferdinand Marcos Jr stated that he was discussing with the local sugar industry players to reduce prices up to 40 per cent, as per media reports.
Speaking to reporters, Marcos said, “The traders first offered at 80 pesos per kg but I have requested 70 pesos. We are negotiating with them and will get there soon.”
This would lower the burden on consumers that are reeling under rising inflation.
The country is planning to import around 150,000 tonnes of sugar to ease pressure on prices and boost supply.
Thailand is the major market for the Philippines for sugar import.
The prices of sugar in the country have doubled in one year to 100-115 pesos per kg ($1.79-$2.06) which has taken inflation to a four-year high in July.
