BSP governor says manufacturers may soon be allowed to import sugar

ABS-CBN News

Posted at Aug 18 2022 08:26 PM

The governor of the Bangko Sentral ng Pilipinas (BSP) said a solution to the sugar supply problem may be close at hand. 

Speaking at a press briefing following Thursday’s Monterey Board policy meeting, Felipe Medalla said the government must pursue non-monetary measures to address food supply problems and bring down inflation. 

He believes Socioeconomic Planning Secretary Arsenio Balisacan is doing just that. 

"I have heard from Sec. Baliscan, they are now close to arriving at an agreement that food processing companies will be allowed to import at least half of their sugar needs. As you reduce demand from food processors, because they are allowed to import, this will increase supply to all other users, and hopefully reduce sugar prices," Medalla said.

Balisacan joined President Ferdinand Marcos Jr. this week in a meeting with food manufacturers to discuss how to address a domestic sugar shortage. 

Last week Marcos rejected a proposal to import 300,000 metric tons of sugar in an attempt to balance the needs of sugar consumers and sugar farmers.