August 11, 2024 | 12:00am
MANILA, Philippines — The Philippines is looking to import up to 240,000 metric tons (MT) of refined sugar by September to ensure stable supply and reasonable prices in the market.
Under Sugar Order 5 dated Aug. 8 but only made available on Friday, this will be the country’s first sugar import program for crop year 2023–2024 and production crop year 2023–2024.
The program aims to secure ample domestic supply and buffer stock and keep the country well-prepared for the “projected ill-effects of El Niño for CY 2024-2025,” the order states.
The Sugar Regulatory Administration (SRA)’s regulation department in Quezon City and Bacolod will accept import applications and requirements within five working days from the effectivity of the order.
Import allocations, meanwhile, will be issued within five working days following the application deadline.
The regulator said each allocation of imported refined sugar is subject to a bond of P250 per 50-kilogram bag, the total amount of which is payable in the form of a manager’s check.
“The bond shall be made to answer for violations or non-compliance by the eligible importers to the orders, resolutions, or circulars of SRA,” the agency said.
The import program is open to all eligible participants of Sugar Orders 2 and 3, provided they are licensed SRA international sugar traders in good standing.
The SRA expects the sugar imports to arrive in the country by Sept. 15, noting that any imported volume of refined sugar will be classified as “C,” or reserve sugar.
Agriculture Secretary Francisco Tiu Laurel Jr., who chairs the SRA board, earlier said the import program would address the anticipated shortfall in sugar stocks to sustain the country’s supply until the next milling season in October.
As of June 9, total refined sugar stocks in the country stood at 492,985 MT, about 14 percent higher than the 432,215 MT recorded inventory in the same period last year, based on SRA data.
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