An economist-lawmaker said while most price increases are “beyond our control due to global conditions,” the prices of sugar “are almost completely within our power to lower.”
AN economist-lawmaker said while most price increases are “beyond our control due to global conditions,” the prices of sugar “are almost completely within our power to lower.”
“The top 3-in-1 coffee brand in the country, Kopiko, is imported, because our domestic manufacturers can’t compete. Homegrown brand C2 is already being manufactured in Vietnam because Philippine sugar is expensive,” he said.“The next thing you’re going to kill is domestic fruit canning and manufacturing, which is a major jobs provider in Mindanao. You’re going to kill softdrinks makers, where as much as 18 percent of costs are sugar.
According to the Intercontinental Exchange , the global price of sugar is now at just around P24 per kilo, while retail prices in the domestic market fetch as high as P120 per kilo, according to the lawmaker.Meanwhile, Salceda reiterated that allowing industrial users to import sugar is “the most immediate way to address some parts of food inflation.”
“Is there a sugar shortage among our industrial users, yes or no? And how much is the shortfall? So that the administration can make a decision that works for both industry and farmers based on that matter,” he said.
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