Marcos greenlights importation of up to 150K MT of sugar

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Metro Manila (CNN Philippines, May 15) — President Ferdinand Marcos Jr. approved the additional importation of sugar to “stabilize” prices.

“Maximum amount will be 150,000 MT (metric tons) but probably less,” he said Monday after his meeting with the Sugar Regulatory Administration (SRA).

“The exact amount will be determined once we have determined the exact amount of supply, which will come at the end of this month,” Marcos added.

In a statement, the Palace said SRA recommended importing another 100,000 MT to 150,000 MT of sugar as the Philippines may see a “negative ending stock” of over 550,000 MT by end-August.

Based on the Department of Agriculture’s latest price monitoring, a kilogram of refined sugar in Metro Manila markets costs between ₱86 to ₱110.

Meanwhile, moving the start of the milling season from August to September to boost productivity likewise secured Marcos’ thumbs up, the Palace said.

Marcos also ordered the SRA to speed up the adoption of block farming, or the consolidation of small farm lots to make a 30-hectare-block farm.

“Consolidation is an important part of agro-industrial production. We’re looking at increasing the budget for block farming to accelerate the process of organizing the block farms,” he said.