MANILA - Several beverage bottling and manufacturing firms on Tuesday said the industry is facing a shortage of premium refined sugar.
Premium refined sugar is a key ingredient in sodas and other sweetened beverages.
"We confirm our industry is facing a shortage of premium refined sugar, a key ingredients in many of our products," Coca-Cola Beverages Philippines Inc, Pepsi-Cola Products Philippines Inc and RC Cola maker ARC Refreshments Corp said in a joint statement.
"We are working closely with other stakeholders of the industry and the government to address the situation," the statement added.
Shortage in sugar supply may also cause price hikes of other products such as pandesal, milk tea, and other baked goods.
President Ferdinand Bongbong Marcos Jr has met with industry players and other key agencies to come up with a resolution to the supply woes.
Amid the challenges, several officials of the Sugar Regulatory Administration (SRA) resigned due to the controversial resolution approving the import of 300,000 metric tons of sugar which the Malacanang Palace later said was illegal.
The Philippine Chamber of Commerce and Industries, meanwhile, is backing the temporary import of sugar to mitigate rising costs.
-- with a report from Jekki Pascual, ABS-CBN News