A new sugar order might be issued this July for the importation of thousands of metric tons of white sugar, as the PH sugar supply is expected to last for just over 3 months.
Sherlyn’s earnings from selling banana cue and turon or banana rolls are no longer enough due to the high cost of ingredients like sugar.
She earns P2,000 a day, but P1,000 of this goes to rent and other expenses.
She’s concerned about the rising cost of sugar, which could further affect her ability to cover expenses and make a profit.
“Before, it was P65, now it’s P75. It’s a big problem because sugar prices are high. I make the sugar coating thinner and use less of it just to make it last,” according to Sherlyn Espinada, Vendor.
For vendors in Commonwealth Market, prices of other varieties of sugar like light brown and golden brown have increased.
However, there is no change in the prices of other varieties like washed sugar, which remains at P78/kg, and white sugar at P80/kg.
“The prices went up because of the shortage in supply, and there seems to be a scarcity at the factories. Many people are complaining about the prices,” vendor from Commonwealth said.
However, according to the Sugar Regulatory Administration (SRA), the current sugar supply in the Philippines is sufficient, so there should be no price increases in the market.
Based on the Department of Agriculture’s (DA) price monitoring, sugar prices range from P60 to P74 per kilogram.
Currently, the country’s sugar supply is at 800,000 metric tons, while the monthly demand is 242,000 metric tons.
The SRA admits that the supply will only last for just over 3 months, which is why they are now discussing the importation plan with the Department of Agriculture.
“Opening of milling is September 15 however we have to remember we need a 2-month buffer stock all the time to keep the prices stable,” Pablo Azcona, Administrator, SRA said.
DA Secretary Francisco Tiu Laurel Jr. has also stated that the Philippines needs to import 200,000 metric tons of refined or white sugar to address the possible shortage to fill the gap in the country’s sugar supply.
“The current stocks will decrease by August, September, so we need to have 200,000 metric tons of sugar by September, October, then the milling will continue,” Sec. Francisco Tiu Laurel Jr., Department of Agriculture stated.
SRA Administrator Pablo Azcona assured that the importation process would follow proper procedures, which stakeholders are already aware of after their consultation.
Hence, the new Sugar order for importation might be issued this July.
“The marching order to us is to import if we need it and when we need it, and just the right volume not to affect our local farmers, and to always ensure that the retail consumer has a stable supply and stable price,” Azcona added.
