SRA hopes to finish investigation on declining sugar prices this week
Sugar Regulatory Administration (SRA) is hoping to finish the probe on declining sugar prices by the end of this week.
It was last week when SRA Chief Hermenegildo Serafica ordered to investigate the continuously declining sugar prices, temporarily stopping the importation of sugar into the country.
“The investigation is still ongoing. We’ll let you know when the result comes out… Best effort by Friday afternoon,” Serafica said.
To be exact, SRA wants to know if the importation of cheaper alternative high fructose corn syrup (HFCS) has an effect to the price of local sugar. It is also looking at the possible impact of price manupilation within the industry.
Yesterday, the SRA Administrator said the prices of sugar already started to improve as of last week.
“Prices started to go up last week. Domestic sugar price went up by 80 to 93 pesos per 50 kilograms (kg) bag,” he specified.