SRA allows importation of up to 200,000 MT of sugar
The Sugar Regulatory Administration (SRA) has allowed the importation of up to 200,000 metric tons (MT) of sugar to help stabilize the rising cost of local sugar in the country.
Agriculture Secretary Emmanuel Piñol said the the SRA Board already approved the importation of “still to be determined volume of sugar”.
He said, however, that the range would be around “160,000 MT to 200,000 MT”, since the demand was also pegged at that level.
The importation will be led by the private sector and will be meant for industrial purposes.
“The imported sugar will be classified into refined for industrial, meaning processors, for confectionaries, and certain volume for brown sugar to stabilize the price of sugar in the market,” Piñol said.
It was just this month when the average mill-gate price of sugar breached the P2,000-mark for the first time in two years.
As of last week, the price for refined sugar jumped to P2,900 per 50-kilo bag, while it averaged around P2,750. These prices were higher than the September prices, which only stood at P2,016.67 to P2,040.