SRA allows soft drink companies to export HFCS stocks
The Sugar Regulatory Administration (SRA) has allowed soft drink companies to export their excess high fructose corn syrup (HFCS) stocks, which came after the administration imposed a tax on sugar-sweetened beverages (SSB).
Based on the Sugar Order (SO) No. 3, companies are now allowed to export their unused HFCS, which is being used as a cheaper alternative to sugar.
“The country’s industrial sector which imports and utilizes about 90 percent of HFCS now reconciles the use of HFCS and/or local sugar in the manufacture of their products, from their own business and economic standpoint,” SRA said in the order.
“SRA has received several requests to export their advance booked imported fructose currently held by the BOC (Bureau of Customs),” it added.
Tax Reform for Acceleration and Inclusion (TRAIN), which became effective this year, imposed taxes on SSBs and other products.
SSBs, which don’t have tax before, have been imposed a tax rate of P6 per liter while drinks with HFCS are taxed P12 per liter.