The government has greenlit the entry of 440,000 metric tons (MT) of sugar to tamp down its retail price and at the same time fill up a two-month buffer stock, according to the Sugar Regulatory Administration (SRA).
The number is 10,000 MT less than the initially proposed 450,000 MT by the SRA.
The SRA said the import number is final although it needs to be documented and published for release by the Office of the President.
Pablo Azcona, SRA planters’ representative, said on Monday the importation is purely for refined sugar.
Of the total 440,000 MT, 200,000 MT is allotted for consumer use and the remaining 240,000 MT will help address the country’s sugar consumption averaging 120,000 MT a month.
Azcona said the import plan had been approved and signed although this still has to be elevated to Malacanang in case changes are warranted.
The prevailing retail price of sugar as of Monday ranges from P87 to P110 a kilo for refined sugar and P80 to P95 a kilo for both washed and brown sugar.
SRA mill site monitoring show the composite price of raw sugar as of January 22 costs P3,473.17 per 50-kilo bag.
