PHL desires to import 450,000 tons of sugar

The Philippines is contemplating importing as much as 450,000 tonnes (MT) of uncooked and refined sugar to additional improve its provide and dampen retail costs.

Pablo Azcona, the Sugar Regulatory Administration (SRA) board member representing sugarcane growers, stated Wednesday the palace advisable importing 400,000MT to 450,000MT of sugar to make sure the nation has a two-month buffer inventory.

Azcona stated the proposed import program remains to be being finalized and the SRA board is drafting its pointers, that are topic to session with stakeholders.

None aside from President Marcos Jr. unveiled the nationwide authorities’s plan to keep up a two-month sugar buffer inventory to cope with worth fluctuations.

A part of the import coverage is the arrival schedule and the precise markets which are allowed to make use of the imported inventory.

“The proposed import quantity won’t arrive abruptly. We’re on the peak of the milling season and a part of the SRA’s job is to find out how a lot quantity might be dropped at the native market and when,” Azcona advised reporters in an interview.

Talks on a brand new sugar import program started in December whereas the SRA monitored the nation’s sugar provide and worth state of affairs.

“That was a joint advice [between the SRA and the Palace],” he stated.

“The instruction of [Department of Agriculture], perhaps additionally from Malacañang, is that they need the quantity of sugar to reach as quickly as attainable. Possibly first quarter or April relying on supply delays.”

Azcona stated many of the imported sugar could be refined, whereas a few of the quantity would signify uncooked sugar, as some refiners have utilized to be allowed to import uncooked supplies.

“There are suggestions to import from the refinery group. They apply for import however are anticipated to reach later this yr. A little bit of uncooked sugar to allow them to begin their refineries early,” he stated.

Regardless of the advice to import sugar, Azcona nonetheless does not consider the nation suffers from a “bodily scarcity” of the sweetener.

“This importer is regular. For the final 30 years we often import yearly after our sugar cane harvest. There may be at all times a scarcity that must be stuffed earlier than the following harvest, which often takes place from June to October. That is the vacuum for our native manufacturing.”

Azcona famous that the proposed import program is meant for customers and business customers. He stated the SRA remains to be awaiting steering on the meant marketplace for the imported sugar.

“To this point we hear that the import might be open to everybody. Industrials won’t have particular volumes. You possibly can request it or route it by the sellers,” he stated.

Azcona stated the estimated price of touchdown imported sugar is between 70 and 80 pence per kilogram.

Regardless of the SRA’s earlier import program, of which half of the 150,000 MT was destined for the retail market, it didn’t dampen prevailing refined sugar costs, which remained above P100 per kg.

Picture credit score: Bloomberg

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