The Philippines government has temporarily halted its recent decision of importing 200,000 mt of sugar until further notice, reports Spglobal.
The Sugar Regulatory Administration has issued the latest Memorandum Circular No. 5 on February 16 in this regard.
The sugar prices in the country have dropped by over 200 Peso/Lkg in the local market after the SRA issued Sugar Order No. 3 on Feb. 4 to allow the import of refined sugar to meet the shortage of sugar in the country due to lower output. The prices of sugar and fertilizers were at their peak when the SRA took this decision.
The farmers and local officials had appealed to the SRA to stop the import of sugar as the prices were falling and the decision to stop the importation of sugar was released with an issuance of a Temporary Restraining Order (TRO) by the Regional Trial Court of Negros Occidental.
