HFCS importers told to purchase local sugar
Sugar Regulatory Administration (SRA) is now allowing food processors to import high-fructose corn syrup (HFCS) provided that they must let the agency know how much of the commodity they are buying and that they must purchase an equivalent amount of local sugar.
SRA Administrator Hermenegildo Serafica said in a memo that “in view of the current sugar situation of the country that has affected millgate prices of sugar, all importers are advised to seek approval of HFCS allocation prior importation of the same”.
“Furthermore, all are encouraged to purchase 40 percent of local sugar equivalent to the approved volume of HFCS imported,” he added.
To recall, the SRA board earlier resolved to hold in abeyance the requests of food processors to import HFCS to pave the way for the investigation on the declining sugar prices.
To prove that these companies are buying local sugar, SRA will also now require them to submit a receipt of the purchase.
“Please submit to the Regulation Department copies of delivery receipt, sugar release order (SRO) and other pertinent documents as proofs of purchase of local sugar from sugar traders,” Serafica further said in the latest memo.