Due to higher sugar prices, local food processors in Philippines sought permission to import sugar. They claim increased local sugar prices make it difficult for them, to do business.
The Trade department has assured to reduce the sugar prices to match the prices of imports. Speaking at a meeting at the Philippine Chamber of Agriculture and Food Inc., Trade Secretary Ramon Lopez said, “SRA (Sugar Regulatory Authority) made sure they will make available affordable sugar for exporters but I think they should also include the assurance of competitively-priced sugar to food processors even for the domestic market.”
According to the reports, the domestic price of sugar is P2,000 per bag, whereas the imported sugar costs around P1,900 per bag.
In the last crop year, the Philippines imported sugar two times. First of 150,000 tonnes of sugar during the commencement of season 2018-2019 in October. Second recently, in August 2019, to avoid possible sugar price hike in the Philippines, the SRA had allowed the importation of 250,000 metric tonnes of refined sugar to fulfil the deficit in domestic production.
To Listen to this News click on the play button.