Sugar production in Philippines is likely to increase in next season as farmers have planted more cane, eying high prices of the commodity, reports Business.inquirer.
For the 2024 crop year, the US Department of Agriculture (USDA) has stated that the local production of sugar will be around 1.9 million metric tons (MT). The season would begin in September and ends in August next year.
It stated that the farmers are planting sugarcane as the prices of the sweetener are at a peak in the country as well as in the global market.
The local output for the current year would reduce by 20,000 MT to 1.83 million MT, said the USDA, which is in line with the Sugar Regulatory Administration’s (SRA) latest estimates. The unfavourable weather and low fertilization would cut the cane yield this season.
The Philippines would have to import some 250,000 MT of refined sugar despite the higher output next year to maintain two months of buffer stock and stabilize consumer prices, said USDA.
