SRA says sugar prices are improving
Sugar Regulatory Administration (SRA) Chief Hermenegildo Serafica said that sugar prices already started to improve since last week almost immediately after the agency launched an investigation on the declining sugar prices.
“The investigation is still ongoing. We’ll let you know when the result comes out. Prices started to go up last week. Domestic sugar price went up by 80-93 pesos per 50kg bag,” Serafica said.
When asked what’s driving the prices, Serafica said “it would still be premature to speculate right now”.
For her part, Rosemarie S. Gumera, Sugar Regulatory Administration (SRA) Planning & Policy Department Manager, said “the continued increase in withdrawals and decline of sugar stock balances drive the upward trend of sugar prices”.
This, according to her, was supported by the initiative of the SRA to conduct an investigation on the possibility of price manipulation within the sugar industry.
“Hopefully the trend continues but no one could exactly tell because sugar price should be driven by supply-demand,” she further said.