The Sugar Regulatory Administration (SRA) targets to restore to P2 billion the amount allocated for the Sugar Industry Development Act (SIDA) fund to further improve the local sugar sector.
This developed as the Department of Agriculture (DA) formally received 4,000 metric tons (MT) of white refined sugar from the Department of Finance through the Bureau of Customs that is eyed to be sold at various Kadiwa markets and stalls for a fixed price of P70 per kg.
Pablo Azcona, SRA acting administrator, told reporters in a briefing yesterday the approved budget for SIDA this year and next year is at P1 billion.
SIDA was aimed at helping the sugar industry become competitive by allotting a yearly fund of P2 billion starting 2016. However, yearly allocation for the fund varies as it was hardly tapped by farmers.
“We are currently requesting if the 2024 allocation may be restored back to P2 billion. Fifty percent of SIDA is for farm-to-market roads and the rest goes to research and development and mechanization, scholarships and socialized credit. If any of the four sharing will be underutilized, the whole fund will be reduced,” Azcona said.
He added: “If we get the P2 billion, we can double the current amount of block farm and more machineries can be provided as well as for research. The general goal is to increase yield and productivity and veer away from imports.”
Meanwhile, the BOC has donated 4,000 MT equivalent to 80,000 bags of forfeited Thailand white sugar to the DA, through the signing of the Deed of Donation and Acceptance yesterday.
BOC cited records that subject donated sugar arrived at the Port of Batangas on January 12 on board M/V Sunward without the required Notice of Arrival. Consequently, the Port of Batangas immediately issued a Warrant of Seizure and Detention against the subject sugar and M/V Sunward, which were later ordered forfeited in favor of the government through a decision dated April 14.
BOC said SRA Memorandum Circular No. 4, Series 2022-2023 provides that “seized sugar with commercial value and capable of legitimate use may be disposed by the BOC through donation to government institutions.”
As per the latest supply and demand situation of the SRA, the current sugar supply is more than enough to sustain existing demands as there is a physical stock of 262,328.30 MT of raw sugar, 448,106.45 MT refined sugar and 148,264.29 MT molasses as of July 16.
Based on DA’s latest monitoring of public markets in the National Capital Region as of yesterday, prevailing retail price of sugar ranges from P85 to P110 per kg for refined sugar, P82 to P90 per kg for washed sugar and P78 to P90 for brown sugar.
Meanwhile, SRA millsite monitoring showed composite price of raw sugar as of July 9 was P3,000 per 50 kg bag.
