The country’s outputs for raw and refined sugar have increased as of mid-October, according to latest figures from the Sugar Regulatory Administration (SRA), as the government continues to stabilize prices in view of huge market demand.
Raw sugar production as of Oct. 16 more than doubled to 224,792 metric tons (MT) from 147,763 MT recorded a year ago. No raw sugar was imported during the comparative period.
The volume of sugarcane milled surged by 47.21 percent to 2.7 million MT from 1.8 million MT.
Amid an increase in yield, the country’s raw sugar supply was 10.45 percent lower at 358,333 MT from 400,170 MT in the previous year. This, as demand for raw sugar rose by 12.03 percent to 189,672 MT from 169,310 MT.Total physical sugar stock during the period reached 138,296.90 MT, down by 34.39 percent from 210,786.09 MT.
The same SRA data showed that refined sugar production stood at 96,527.30 MT, an increment of 263.87 percent from 26,528.30 MT.
The Philippines imported 40,397.50 MT of refined sugar during the period, bringing overall supply to 286,295.70 MT. This represents a jump of 13.37 percent from last year’s 252,536.65 MT.
In September, the SRA issued Sugar Order No. 2 authorizing the importation of 150,000 MT of refined sugar for crop year 2022-2023. A crop year in sugar starts every September and ends in August of the following year.
Demand for refined sugar rose by 6.11 percent to 128,603.20 MT from 121,199.25 MT.
The government gave in to calls to import as industries and retail markets complained of soaring prices and dwindling stocks. The sugar shortage also comes with rising consumer prices affecting the purchasing power of Filipinos.
According to the SRA, prices are expected to stabilize toward the latter part of the year with more imports arriving. The agency also gave traders more time to bring in the products as vessel delays and lack of containers constrained shipments.
In Metro Manila, refined sugar in supermarkets is currently sold at a low of P70 per kilogram to as high as P134 per kg. At wet markets, refined sugar is sold from P100 to P110 per kg, based on the SRA’s price monitoring as of Oct. 14.
Raw sugar in supermarkets is priced from P67 to P95.10 per kg while in public wet markets, the selling price ranges from P80 to P90 per kg.