Agri group says sugar prices may go down as milling season starts

The Philippine Chamber of Agriculture and Food Inc. (PCAFI) on Saturday said the retail price of sugar is expected to drop as the milling season is about to begin, which will eventually augment local supply of the commodity.

“Magi-istart na ng milling by next week (the milling season will start by next week) so local supply will now be augmented," PCAFI president Danilo Fausto said in an interview on Dobol B TV.

“We are hoping by next month, mag-umpisa nang bumaba [ang presyo] kapag nag-umpisa na ang sugar milling full blast ng September hanggang November,” Fausto said.

(We are hoping by next month, prices will start to go down when sugar milling goes full blast in September until November.)

Retail prices of sugar have gone up from P40-P55 per kilogram in February to around P90-P95 per kilogram at present, according to Fausto.

As to how much prices will go down when local supply is augmented at the onset of the sugar milling season, the PCAFI chief said it still depends on several factors such as the cost of production.

The group also lauded the decision of President Ferdinand Marcos Jr. to reject the proposed order to import 300,000 metric tons of sugar, saying that the milling season is about to begin and it will hurt local sugar farmers.

On Wednesday, Press Secretary Trixie Cruz-Angeles said the President rejected Sugar Order No. 4. 

A day later, Cruz-Angeles called the order illegal, adding that an investigation is ongoing over the unauthorized signing of the document directing the importation of 300,000 metric tons of sugar on top of what had already been imported in May of this year. 

Agriculture Undersecretary Leocadio Sebastian, whom the Palace said signed the illegal importation order for 300,000 tons of sugar has resigned from his post. —KG, GMA News