The government plans to import up to 450,000 metric tons (MT) of refined sugar this year following President Marcos’ pronouncement to maintain two months’ worth of buffer stocks.
“So far, we are at the draft stage. What we did is we made a draft for the importation plan,” said Sugar Regulatory Administration board member Pablo Luis Azcona.
The plan already includes the two-month buffer stock promised by Mr. Marcos which Azcona hailed as a “wise” decision.
“The President is right. It is very wise to always keep a buffer. We cannot ascertain the shipping schedules. We never know, a typhoon or shipping delay might cause supply problems.”
The volume of sugar to be procured ranges from 400,000 to 450,000 MT but Azcona said these would be imported in tranches since it was still at the peak of the milling season.
Refined sugar is sold from P87 to P110 per kilogram from the previous P60 per kg. Brown sugar ranges from P80 to P95 per kg, also higher than P45 per kg previously.
“They want a volume of sugar to arrive as soon as we can… maybe in the first quarter or April depending on whether or not there will be delays in shipping,” said Azcona.