Sugar prices will go down as milling season starts from September until November.
The Philippine Chamber of Agriculture and Food Inc. (PCAFI) said that the retail sugar price is expected to drop as milling season is about to begin which will increase the local supply of the commodity. This after the strong lobby by the Sugar Regulatory Administration to import 300,000 tons, which was rejected by President Marcos. Clearly, those projections of production shortfalls and supply shortages were fabricated to favor imports.
“Magi-istart na ng milling by next week (the milling season will start by next week) so local supply will now be augmented," PCAFI president Danilo Fausto said in an interview on Dobol B TV.
By the next month, the sugar prices will decrease as sugar milling will start full blast from September until November, the GMA News reported
Fausto stated that the prices of sugar have gone up from P40 to P55 per kilogram last February, and P90 to P95 per kilogram at present. He also added that the new sugar price once the milling season starts will depend on several factors such as the cost of production.
PCAFI also lauded the decision of President Ferdinand Marcos Jr. to not import 300,000 metric tons of sugar as it will hurt local sugar farms with the milling season just about to begin.
Press-Secretary Rose Beatrix Cruz-Angeles added that there is an investigation going on regarding the unauthorized signing of the document directing the importation of 300,000 metric tons of sugar on top of what had been already imported last May.
The Palace said that it was Agriculture Undersecretary Leocadio Sebastian who signed the illegal importation, thus he resigned from his post.
Tags: #Sugar, #Agriculture, #Decline