The government is looking at an initial budget of P5 billion to directly purchase sugar from farmers at a premium price, according to Manuel Lamata, president of the United Sugar Producers Federation of the Philippines (UNIFED)
Lamata said this was one of the outcomes of a meeting between officials of the Department of Agriculture (DA), the Sugar Regulatory Administration and the Philippine International Trading Corp. and sugar federation leaders, millers, farmers and traders last Friday.
“To my fellow sugar planters, do not sell yet your sugar at this low prices. Wait a little more because our President has stepped in to help the sugar farmers and thank you for never doubting his concern for our industry,” Lamata said in a statement yesterday.
UNIFED in December proposed to government a direct buying scheme for sugar at a premium price following the drop in prices since the start of the milling season.
Lamata said sugar industry leaders also met over the weekend to discuss measures and mechanics of the direct purchase.
“We also discussed steps to be taken to further enhance productivity and profitability, ensure stability of sugar supply for consumers and industrial users, better retail prices and keeping in mind that the sugar farmer is also a retail consumer,” said Pablo Azcona, SRA administrator.
Based on DA’s monitoring of public markets in the National Capital Region, prevailing retail price as of yesterday ranges from P74 to P100 per kg for refined sugar, P68 to P96 per kg for washed sugar and P60 to P90 per kg for brown sugar.
SRA millsite monitoring showed composite price of raw sugar as of January 7 was at P2,408.97 per 50 kg bag.