Regulator approves importing 440-k metric tons of sugar for 2023

MANILA - The Sugar Regulatory Board has greenlighted the importation of 440,000 metric tons of sugar for 2023.

The SRA said the imports will augment the local supply of sugar and are expected to curb the rising retail price of sugar in markets. 

This batch of imports will come on a staggered basis: 100,000 metric tons will arrive as soon as possible, while another 100,000 metric tons will arrive starting April 1, the SRA said.

The remainder comprising 240,000 metric tons will be the country's buffer stock, the agency added.

While local production is rising, it is not enough to supply the needs of the country until the end of the year, it added.

This batch of imports is expected to last until the next milling season.

High prices of sugar were among the factors that pushed inflation up in the later months of 2022.

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