The Philippines is planning to export excess sugar available in the country to the US to stabilize the sugar prices in the domestic market. The Sugar Regulatory Administration (SRA) is considering the proposal as it is expected to produce 2.20 million metric tons (MT) of sugar for this crop year.
Hermenegildo Serafica, SRA administrator said that the production is higher than the previous year of 2.15 MT.
He said, “We predict that there will be excess sugar in the local market. At the same time the demand of the sugar in the local market has been reduced as the operations of the manufacturing companies have remained limited and the hotels and restaurants are not fully operational.”
Last month, Serafica already dismissed the possibility of importing more sugar this year and the next, noting there was already an oversupply of the commodity.
To Listen to this News click on the play button.