Sugar prices decline in Philippines

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Sugar production increased in Philippines due to favourable weather condition. But sugar demand declined due to corona pandemic. Experts believe this may pose a threat to the sugar industry in the country.

According to the report based on Sugar Regulatory Administration (SRA), sugar output is now at 2.4 million metric tonnes, an increase of 4 per cent from the previous crop year. Demand, both from the local and foreign markets, is down by 5 per cent to 1.71 million metric tonnes.

Confederation of Sugar Producers Association Inc. spokesperson Raymond Montinola said, “Usually the increase in sugar production is welcomed by all but corona pandemic could hamper operations if it continues to persist. Pandemic has affected the demand for sugar in the market and the industries that use sugar are busy in clearing existing stock. Therefore they have cut back their orders.”

According to the media report, sugar prices are also affected. And sugar prices at the mill gate are declined by 8 per cent.

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