SRA OKs 240K MT sugar importation to ensure stable prices

MANILA: The Sugar Regulatory Administration (SRA) announced Monday the importation of 240,000 metric tons (MT) of refined sugar to ensure a stable retail price in local markets. 'This import will ensure that we will always maintain that buffer to ensure that the current stable retail price on refined sugar is maintained for the consumer, and that our farmers, of which 85 percent are land reform beneficiaries, have a fair and stable price too,' SRA chief Pablo Luis Azcona said in a statement. Azcona made the remark following the approval of Sugar Order (SO) No. 5 on August 8, which is the first sugar import program for the 2024-2025 crop year. 'The intention of this sugar import program is to ensure that despite the projected ill-effects of El Niño, the country will continue to have sufficient actual supply of sugar for domestic consumption and for buffer stock,' the order read. Of the 240,000 MT to be imported, a 176,500 MT maximum volume shall be allocated for eligible importers who have first supported or procured from local farmers, as per SO No. 2; while the 63,500 MT shall be for the replenishment of sugar exports to the United States based on SO No. 3. 'This is the first time where possible importers had to support the local farmers first in order to be eligible to join the program,' Azcona said. The sugar imports are expected to arrive around September 15 to cover the gap before the milling season in October. Azcona, meanwhile, assured ample sugar stocks in the country, considering a two-month buffer stock. 'Hopefully, our refineries will be up and running in December. Our raw mills will start September 15 and hopefully mill adequate stock by October,' he said. As of July 21, the country has around 326,819 MT of physical sugar stock and 396,339.10 MT of refined sugar stock, according to the SRA. Source: Philippines News Agency