Sugar Regulatory Authority (SRA) in Philippines says there is an abnormal drop in prices of sugar. It claims the prices in some cases have dropped to P200 level in 2 weeks. SRA board members Emilio Yulo III and Roland Beltran demanded intervention of the government before the situation worsens. Both members represent planters and Millers.
According to the media reports, they are calling on the Land Bank of the Philippines (LBP) and other government financial institutions to step in and provide quedan financing “to stop the bleeding.”
“The drastic fall in prices of sugar will create and long-term impact. Sugarcane crushing season is at the peak and if this continues the harvesters may face a problem and they may not take crop for the next plantation,” they said.
They referring the data from Victorias Milling Company said, “Sugar price was at the P1,560 to P1,580 per 50 kilo-bag two weeks ago. But the price for this week is at P1,375 per bag, which is just about production cost.”