Confectionery firms see nearly P9B revenue loss due to rising cost of sugar
Members of the Philippine Confectionery Biscuit & Snacks Association (PCBSA) said they might incur revenue losses as much as P8.5 billion due to the rising cost of domestic sugar.
This, if the government will not allow them to directly import their sugar requirements.
PCBSA chairman emeritus and past president Reynaldo Y. Go said in a Manila Bulletin report that the revenue loss is a result of the overall estimated 25 percent contraction of the industry in terms of volume, sales and employment.
Based on their figures, domestic sugar recently hit an all-time high of P2,900 per 50 kilogram bag in the last two months, as against the P1,200 per bag landed cost of sugar in the world market.
Prices of imported sugar is estimated at less than half of the P58 per kilo domestic sugar.