Cheaper sugar expected by October, says agri group
MANILA, Philippines – Sugar prices may decrease to roughly P65 to P70 by next month as the harvest season begins and shipments under the 150,000-metric ton importation order start to arrive, the Samahang Industriya ng Agrikultura (Sinag) said on Thursday.
“Medyo bumaba na nang kaunti [ang presyo ng asukal] compared to last month. Nasa P84 to P90 ang monitoring natin sa ngayon. We hope, by next month, bababa pa iyan kung start na iyong harvest ng ating mga local producer ng mas malaking volume,” Sinag President Rosendo So said in a Laging Handa briefing
(The price of sugar has slightly decreased compared to last month. We’re currently monitoring the cost at around P84 to P90. We hope, by next month, this will continue to inch down as our local producers begin harvesting a bigger volume of sugar.)
This photo is taken from the presentation of Senate President Juan Miguel Zubiri during a Senate blue ribbon panel hearing on sugar importation last August 23, 2022. (PHOTO: Office of Senate President Migs Zubiri)
So also noted is that the arrival of the 150,000 metric tons of sugar, approved by President Ferdinand Marcos Jr. under Sugar Order No. 2, will similarly increase the country’s sugar stock.
“We hope mapunta sa P65 to P70 kasi kung nakita natin iyong import price plus tariff ay more or less nasa P36,” he added.
(We hope the cost will go down to about P65 to 70 because if we check the import price with tariffs, it’ll be more or less P36.)
Therefore, if importers mark this figure up, it might reach up to P45, making the predicted range of retail sugar prices feasible.
Equally reassuring to the public, So said sugar imports wouldn’t have much of an impact on domestic sugar mills.
As presented in the Department of Agriculture’s price monitoring as of Wednesday, the cost of sugar is P95 per kilo for refined sugar, P75 per kilo for washed sugar, and P70 per kilo for brown sugar.
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