The board of the Sugar Regulatory Administration unanimously approved the plan to bring in 440,000 metric tons of refined sugar to stabilize retail prices and shore up the country’s buffer stock. | jordeenelagare /PDI
Based on the latest price monitoring of the Department of Agriculture, refined sugar is selling in Metro Manila for between P87 and P110 per kilogram from only P65 per kg a year ago.
“We feel that the 440,000 MT is just right to cover this year’s lack of sugar. This will cover from now until we begin milling next year,” he added. “The idea of keeping a buffer in the country and calibrated releases to the market [is that it] will ensure [that when] we need sugar, that’s the only time it will be released,” he added.
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