Manila: Lower sugar production due to bad weather, high input costs and delays in importation has deepened the sugar crisis in the Philippines, reports Philstar.
Sugar prices have skyrocketed above P100 per kg in wet markets and grocery stores, adding a burden on the consumers that are reeling under soaring food prices.
According to the Philippine Statistics Authority (PSA), the inflation in the country increased to 6.4% in July which is fueled by the food and beverages that are using sugar as raw material.
The Sugar Regulatory Administration (SRA) has proposed to import 300,000 metric tons (MT) of sugar to resolve the issue.
Enrique Rojas, president of the National Federation of Sugarcane Planters (NFSP) said that the sugar shortage has resulted in increasing sweetener prices to P100 per kg. The refined sugar was sold at P50 in retail stores and the raw sugar was sold at P45 when there was no shortage.
As per the SRA data, on Jul 29, the retail price of raw sugar in Metro Manila was P80 per kilo in supermarkets and P82 per kilo in wet markets as against P56.85 and P48 per kg respectively, last year.
