Metro Manila (CNN Philippines, February 15) — The country is poised to import 440,000 metric tons of refined sugar to “temper” retail prices, according to the Sugar Regulatory Administration.
“Yung inaprubahang sugar order is for 200,000 (metric tons) plus 240,000 (MT) buffer stock,” SRA Board member and planters representative Pablo Luis Azcona said in a televised briefing Wednesday.
[Translation: The approved order is for 200,000 plus 240,000 buffer stock.]
Azcona did not say when the imports would arrive.
The SRA earlier said it proposed the importation of 450,000 MT of the commodity this year as two-month buffer stock for the end of the milling season.
“Meron tayong allocation for immediate arrival — yung plano kasi ng Department of Agriculture is ‘yun ang te-temper ng mataas na retail price. We are trying to make sure na yung retail price ay bababa to 85% without hurting the farmers,” Azcona explained.
[Translation: We have an allocation for immediate arrival — the Department of Agriculture’s plan for it is to temper the high retail prices. We are trying to make sure retail prices go down to 85% without hurting the farmers.]
He added there was no similar order for raw sugar as the country produces enough.
“‘Yung production natin is all raw. Sobrang dami ng raw (sugar) natin sa market,” he said.
[Translation: Our production is all raw. There is a lot of raw in the market.]
Azcona said a small amount would be released to temper sugar, the rest will be buffer stock.
“May maliit tayong ire-release for the tempering of prices. Yung maiiwan is buffer stock and the SRA will determine, based on inventory and kailangan, dun tayo magre-release. Most likely off season na yun,” he said.
