The sugar industry in the Philippines has supported the import order approved by the government, reports Bworldonline.
The industrialists have also stated that the reserves built up with foreign sugar must not interfere with the start of the sugarcane crushing season when the prices for domestically produced sugar are fixed.
“Enrique D. Rojas, president of the National Federation of Sugarcane Planters said, “The buffer stock of 150,000 MT is sufficient and the timely release of the sugar in the market as per requirement is important.”
As per the Sugar Order (SO) No. y, the Sugar Regulatory Administration (SRA) has authorized the import of 150,000 MT of sugar. The aim is to ensure a sufficient supply of sugar in the domestic market as well as maintain two-month buffer stock.
The sugar is required to arrive no later than Sept. 15 ahead of the harvest season to ensure it fills the demand-supply gap.
Manuel R. Lamata, president of the United Sugar Producers Federation of the Philippines backed the SO7 stating that the milling season has been delayed this year.
