Sugar prices expected to drop to P60 to P70 per kilo by October – agri group

Joyce Balancio, ABS-CBN News

Posted at Sep 22 2022 02:23 PM

A vendor arranges her stock of sugar at a store in Barangka St., in Mandaluyong city on August 29, 2022. Jonathan L. Cellona, ABS-CBN News
A vendor arranges her stock of sugar at a store in Barangka St., in Mandaluyong city on August 29, 2022. Jonathan L. Cellona, ABS-CBN News

MANILA - Sugar prices may drop to P60 to P70 per kilo by October once locally produced sugar enters the market and imported sugar arrives, an agricultural group said Thursday.

Sugar prices soared in the last few weeks to over P100 per kilo due to an alleged supply shortage. 

Samahang Industriya ng Agrikultura (SINAG) President Rosendo So said that sugar prices now range from P84 to P90 per kilo, slightly cheaper than last week. 

“We hope by next month bababa pa iyan kung start na ang harvest ng local na produce na malaking volume, so iyon, and I think may parating naman na imported na 150,000 metric tons, ito is makakatulong sa stocks na dito sa ating bansa,” So said in a public briefing. 

“We hope na mapunta sa P65 to P70 , kasi kapag nakita natin ang import price plus tariff eh more or less nasa P36 pesos, kung mark up man ang importer aabot ng P45 so.. sa tingin natin bababa ng 60-70 pesos,” he added. 

President Ferdinand Marcos Jr recently approved sugar order number 2 which authorized the importation of up to 150,000 metric tons of refined supply to augment the local production of sugar.

Half of the said amount will be for industrial use, while the other half will be for consumers.

So said this importation will not affect local farmers.

“So far ito is maliit naman kumpara sa 300,000 metric tons, so okay lang naman ang 150,000 na papasok, hindi naman masyado makakaapekto sa local produce natin dito sa bansa,” So said.