-
The Philippines is looking to import up to 240,000 metric tons (MT) of refined sugar by September to ensure stable supply and reasonable prices in the market
-
This will be the country’s first sugar import program under Sugar Order 5 dated August 8, 2024
-
The importation program aims to ensure domestic supply and buffer stock in anticipation of El Niño for crop year 2024-2025
The Philippines is looking to import up to 240,000 metric tons (MT) of refined sugar by September to ensure stable supply and reasonable prices in the market.
This will be the country’s first sugar import program under the Department of Agriculture (DA) Sugar Regulatory Administration (SRA) Sugar Order 5 dated August 8, 2024.
The importation program aims to ensure domestic supply and buffer stock in anticipation of El Niño for crop year 2024-2025.
The SRA’s regulation department in Quezon City and Bacolod will accept import applications and requirements within five working days from the order’s effectivity.
Import allocations, meanwhile, will be issued within five working days following the application deadline.
The SRA said each allocation of imported refined sugar is subject to a bond of P250 per 50-kilogram bag, the total amount of which is payable in the form of a manager’s check.
“The bond shall be made to answer for violations or non-compliance by the eligible importers to the orders, resolutions, or circulars of SRA,” the DA agency said.
The sugar import program is open to all eligible participants of Sugar Orders 2 and 3, provided they are licensed SRA international sugar traders in good standing.
The SRA expects the sugar imports to arrive in the country by September 15.
These imported volumes of refined sugar will be classified as “C,” or reserve sugar.
Agriculture Secretary and concurrent SRA board chair Francisco Tiu Laurel Jr. said the import program would address the projected shortage in sugar stocks to sustain the nation’s supply until the next milling season in October.
Meanwhile, prevailing prices of refined sugar in the National Capital Region range from P80/kg to P100/kg, according to the DA-Bantay Presyo (price watch).
As of June 9, total refined sugar stocks in the country stood at 492,985 MT, about 14% higher than the 432,215 MT recorded inventory in the same period last year.
 of refined sugar by September 2024){kind=link}