The Philippine Sugar Millers Association Inc. (PSMA) is opposing calls to import more molasses for bioethanol producers as local production is on the upswing and demand has been soft
“Molasses inventories are building up that there has been an overflow in molasses tanks in some mills in recent months,” said Jesus Barrera, PSMA executive director, in a statement.
Citing data from the Sugar Regulatory Administration, PSMA said as of January 29, local molasses production stood at 471,046.18 metric tons (MT) while demand was at 349,509 MT.
Barrera said with higher production and lower demand, the country currently, national molasses inventory has been increasing, reaching 262,893 MT to date.
“SRA records show our total molasses balance millsite was 162,987 MT in end-October 2022 and 185,360 MT in end-November 2022. By Jan. 29, 2023 it had grown to 262,893 MT or 8.08 percent higher than that of the same period last year. We have sufficient supply.
There is no national emergency or shortage of molasses. We do not need to import more molasses specifically for bioethanol production,” Barrera said.
PSMA said despite the excess local supply, the country imported 608,310 MT of molasses for the entire 2022 for potable alcohol and animal feeds, up by 80 percent from 2021’s 337,000 MT.
Barrera added for the month of January alone, the molasses imports rose 80 percent to 88,702 MT, from 49,145 MT from the same month last year.
