SRA: Imported sugar to be classified as reserve stock

Metro Manila (CNN Philippines, January 31) — The Sugar Regulatory Administration (SRA) said imported sugar arriving in the country will be classified as reserve in a bid to bring down market prices of the commodity.

"Usually, the sugar when it gets to the Philippines naka-classify siya as reserve. Yung main idea ng pamahalaan is to have the physical sugar available in the Philippines. So, andidito na yung asukal it is classified as reserve," SRA Board Member Pablo Luis Azcona said Tuesday.

[Translation: Usually, when the sugar gets to the Philippines, it's classified as reserve. The government's main idea is to have the physical sugar available in the Philippine. So when it's here, it classified as reserve.]

When the imports arrive, the SRA said they will be monitoring outstanding stock of local sugar. Should the agency see the supply starting to dwindle, they will begin slowly releasing the imports.

The SRA has proposed to import 450,000 metric tons (MT) of sugar this year as a two-month buffer stock for the end of the milling season. Azcona added this was just a "working number."

Azcona did not give a date on when the imports will arrive.

Azcona clarified the country will be importing refined sugar, although there are requests to import the raw variety.

"There is a request for raw sugar, however, yung [the] Philippines is a raw sugar producing country. There is a request for raw, but this is to jump start yung refiners come September or October," he said.

The SRA added having a buffer stock of sugar was critical as it prevents having to mill early.

"Yung presyo sa consumer retail market hindi siya lilipad to a level na mahihirapan yung mamamayan natin," said Azcona.

[Translation: The price in the consumer retail market should not reach a point where it would be difficult for people to buy.]