The prices of refined sugar in the retail markets in some parts of the Philippines have dropped to P90 per kilo after President Ferdinand “Bongbong” Marcos Jr. issued Sugar Order 2 to import 150,000 metric tons of the sugar.
As per the Department of Agriculture (DA), the price of refined sugar was P90 per kg at Muntinlupa Public Market in Muntinlupa City and Commonwealth market in Quezon City.
The price of refined sugar at Pasig City, Mega Public Market in Pasig city reduced to P92 per kilo. However sugar was sold at P98, P100 and P102 per kilo at Munoz market and Mega Q Mart Market in Quezon City and Marikina Public market respectively.
The importation of sugar will boost the local market as the country is likely to produce 1.876 million MT for the 2022-23 crop years. The total sugar consumption is likely to be 2.031 million MT, as per the SRA.