Prices of local sugar continue to increase
Sugar Regulatory Administration (SRA) said the prices of local sugar continue to increase amid fears that the country won’t meet its production target for the current crop year.
SRA Board Member Roland Beltran said in a Manila Bulletin report that sugar millers are cautious about the country meeting its target production for the year which was pegged at 2.27 million metric tons (MT).
“There are those who are skeptical that we will not be able to reach our projected production of 2.27 million MT [metric tons] for crop year 2017 to 2018. As of week ending April 22, 2018, our sugar production is now at 1.8 million MT. We are on track to realizing our projected production,” he said in the report.
According to the Visayas Average Bid Prices for the production week-ending April 22, the price of domestic sugar was higher by 18.27 percent to P1,694.33 per 50-kilo bag from P1,432.56 recorded in the same period last crop year.
This was also higher than the P1,685.88 per 50-kilo bag price seen a week earlier.
Sugar crop year starts every September and ends in August.