The sugar prices in the country are likely to increase further, said the chairman of the House of Committee on Ways and Means, reports Business Mirror.
Albay Rep. Joey Sarte Salceda said, “World sugar prices went as high as 29.3 cents per pound during the recovery period post-GFC [global financial crisis]. Since oil prices have shown a momentum similar to what it did after the 2008-2009 crisis, there is little reason to believe world sugar prices will also approach the levels it did then.”
“We have to import sugar but we will do it after addressing our domestic supply situation,” he said.
“We will resolve the issue by discussing it with the sugar stakeholders as soon as the session resumes and will be working closely with the President’s economic managers,” he said.
Taking steps to prevent the country from exhausting its sugar stocks, he has proposed a five-point mitigation agenda.
“We can address the issues by asking the oil companies to increase the Biofuel content by using sources other than sugar,” he said.
