President Ferdinand Marcos Jr., who is also the country’s agriculture secretary, is hastening the entry of imported refined sugar to stabilize its selling prices, a move widely opposed by sugar producers as the PH still has sufficient local supply.
The agency issued this directive as Marcos expressed concern over the “high inflation rate” of sugar. Citing government data, it noted that the annual inflation increment for sugars, confectionery and desserts reached 38 percent in November.
“We are at the peak of harvest and we have abundant stocks of raw and refined sugar, as such we see no need to import sugar at this time,” said Unifed president Manuel Lamata in a statement.
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