Image via WikipediaMANILA, Philippines – The government Wednesday lifted the suggested retail price for sugar to ease supply as shortage in local supply reached 110,000 tons and a plan to import 310,000 metric tons early next year.
Trade and Industry Secretary and Chair of the National Price Coordinating Council (NPCC) Gregory L. Domingo told reporters after meeting with the manufacturers and retailers.
According to Domingo the lifting of the SRP on sugar was meant to bring in more sugar supply as retailers refused to sell because the SRP on refined sugar is still pegged at P52 per kilo when prices sugar is already selling at P63 to P65 per kilo as ex-mill prices is between P62 to P64 a kilo already.
While the lifting of the SRP on sugar could mean a free-for-all market, Domingo said that DTI would be closely monitoring to ensure there would be no unwarranted increases and unscrupulous traders could still face profiteering and overpricing charges. The idea of lifting the SRP is to ensure there is enough sugar for the Christmas season.
Domingo said the shortage in sugar supply is largely caused by the delayed in the milling season and the continuing higher prices of sugar globally.
He, however, said that some mills are already starting milling.
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