Plan to allow more sugar imports a go

By: - Reporter / @kocampoINQ
/ 05:08 AM July 02, 2019

The administration’s economic team is still keen on allowing more sugar imports despite vehement opposition from lawmakers and industry groups.

Finance Secretary Carlos Dominguez III said in a press briefing during the 2019 Pre-Sona Economic and Infrastructure Forum on Monday that opening up the local market to more imported sugar would “probably benefit the country as a whole.”


He noted the local price of sugar was double the world market price.

The policy shift, which was first entertained by former Budget Secretary and now Bangko Sentral ng Pilipinas chief Benjamin Diokno, raked in a lot of criticism from sugar millers and producers and numerous lawmakers, but was warmly received by the food processing industry.


Dominguez sided with the food processing industry, saying it has “not really taken off as an industry” despite its huge consumption of sugar.

“Maybe we should really take a close look at who’s benefiting from the [current] restrictions here and probably the conclusion would be some kind of liberalization will actually benefit the country as a whole,” he said.

“Just compare it to Thailand where they have a healthy food processing industry. There, the price of sugar is [at the level of the] world market price even though they are also producers of sugar,” he added.

Philippine Sugar Millers Association Inc. said sugar coming from Thailand were cheaper because they were highly subsidized.

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Carlos Dominguez III, sugar
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.