Manila: Filipinos can now expect some respite from high sugar prices as the Department of Agriculture, or DA, reported a big drop in the retail price of refined sugar.
According to the DA, this dropped to P92 per kilo from the previous P100 with the price varying slightly across Metro Manila markets at P74 to P92. The good news carries on even to other varieties of sugar, with the washed type selling for between P64 and P90 and brown sugar for between P62 and P90 per kilo.
The move follows a period of violent protests against further sugar imports by sugar farmers. The PSMA, on its part with the sugar farmers, has maintained that there is more than enough of local sugar in the market, arguing that this year’s production had jumped significantly from last year and hence higher inventories.
The same claims are made by the umbrella organization of mills, the Sugar Council, representing more than 67% of the total sugar production in the country. It says its member mills produced more raw and refined sugar this year than last year, hence posting a 26% increase in raw sugar inventory and 35% more refined sugar.
The Sugar Council, however, has aired its concern about imported sugar. They observed what it said was an “alarming trend” of withdrawals for imported refined sugar increasing by 16% while locally-produced refined sugar declined by over 7%. The trend in consumption patterns may work to the disadvantage of Filipino sugar farmers.
With local sugar production on the rampage and with reportedly sufficient inventory, the Philippine sugar industry is sure to supply domestic demand. This development may stop further sugar imports, bringing further respite to Filipino consumers.
