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Philippines set to import 250,000 tonnes of refined sugar

Published 08/02/2019, 05:56 PM
Updated 08/02/2019, 06:00 PM
Philippines set to import 250,000 tonnes of refined sugar

MANILA, Aug 2 (Reuters) - The Philippines has approved the
importation of up to 250,000 tonnes of refined sugar by the
private sector to meet rising domestic demand amid a shrinking
domestic stockpile, a government order dated Aug. 1 showed.
The plan follows last year's purchase programme that allowed
up to 150,000 tonnes in imports and was aimed at bringing down
local prices at a time when the country's inflation rate was
running at its highest in more than nine years.
"There is a need for a timely government intervention ... to
maintain a balanced supply and demand ... thereby preventing
unreasonable increase in prices," the order issued by state
agency Sugar Regulatory Administration (SRA) said.
Domestic refined sugar supply dropped 22% from September
2018 to July this year, while demand rose 7%, SRA data showed.
Industrial sugar users, including food and beverage
manufacturers, can bring in up to 100,000 tonnes, the SRA said.
Sugar retailers, repackers, wholesalers and traders can import
up to 150,000 tonnes, it said.
The Philippines' total raw sugar production in the 2018/19
marketing year, which ends in November, is forecast to reach
2.225 million tonnes, up slightly from the previous year,
according to a report issued by a U.S. Department of Agriculture
(USDA) attache.
Demand for sugar by industrial users remains strong due to
import restrictions and increased taxes on sugar substitutes,
including high fructose corn syrup from China.
The Philippines' raw sugar output in 2017/18 totalled 2.1
million tonnes, reflecting a 15% drop in cane production due to
unfavourable weather during the first half of 2018.


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