Davao region most likely to feel sugar price hike in coming weeks
by Mai Gevera
Davao City (2 February) -- Agriculture regional director Dr. Carlos Mendoza told the media in a press conference following the double-digit rise of Philippine sugar price in the previous weeks.
"The worldwide demand of sugar is so high that our local producers of sugar most of them are from Negros are holding back their supply which also made us feel the effects of this phenomenon," he explained.
The Sugar Regulatory Administration (SRA) noted a 15 percent increase of sugar price that reached P60 a kilo.
In Davao City, the price of refined sugar has increased by P2 per kilo compared to its prices a month ago based on the price monitoring of the Department of Trade and Industry (DTI) in Davao Region.
At supermarkets in the city, white sugar is being sold at P45 while its price was only P43 a month ago. Brown sugar, on the other hand, was being sold at P37.50, while its price a month ago was only P34.
The SRA, however, clarified that word coming out claiming that the country is running out of supply is definitely not true. SRA chief Rafael Coscolluela said that Philippines has more than enough supply intended for the requirements this year.
What causes the imbalance, though, is the rising demand of this product worldwide.
Mendoza shared that even India posted an importation requirement of 3 million metric tons.
The Philippine government, on its part, immediately allowed for sugar importation by the private sector. The importation is expected to stabilize sugar price within the P40 to P50 range.
It allowed the private sector to import 150,000 metric tons of sugar sold at P52 per kilo from Thailand.
The Department of Agriculture Region XI, however, assured the locals not to worry much on these price movements since there are small-scale sugar producers based in the region.
One is in Davao del Sur which can accommodate local consumption. (PIA XI) [top]