The government will allow the entry of 440,000 metric tons (MT) of sugar to pull down retail prices as well as fill up a two-month buffer stock, according to the Sugar Regulatory Administration (SRA).
The number is 10,000 MT less than the initial 450,000 MT suggested by the SRA.
However, the SRA said the figure is “final” but will still need proper documentation and publication to be released by the Office of the President.
Pablo Azcona, SRA planters’ representative, said yesterday the volume will be purely for refined sugar.
Azcona said from the volume, 200,000 MT will be for consumer use and the remaining 240,000 MT is for the buffer stock since average consumption of sugar in the country is pegged at 120,000 MT per month.
Azcona added the import plan is “approved and signed” but “still has to pass through Malacanang,” noting that the SRA board will have to meet again in case that changes are warranted.
Based on DA’s monitoring of public markets in the National Capital Region, prevailing retail price as of yesterday ranges from P87 to P110 per kg for refined sugar and P80 to P95 per kg for both washed and brown sugar.
SRA millsite monitoring showed that composite price of raw sugar as of January 22 was P3,473.17 per 50 kg bag.
