Refined sugar price drops to P88/kilo

THE prices of sugar have started to go down in some areas outside of Metro Manila, with refined sugar now retailing at P88 per kilo from P100 per kilo.

The drop in sugar prices was revealed by the Philippine Chamber of Agriculture and Food Inc. President Danilo Fausto in an interview with The Manila Times on Monday.

Fausto called on the government to release the sugar confiscated during raids in warehouses to boost the sugar supply in the market.

“In Nueva Ecija, the retail price of refined sugar is now at P85 to P88 per kilo, while washed sugar is now at P65 per kilo from P66. There is also P1 rollback in the price of brown sugar,” he said.

Fausto added that the sugar supply in Nueva Ecija could be coming from the nearby province of Tarlac.

He said the retail price of the commodity remains high in Metro Manila because of the demand.

“If the documents are proper and correct, we are requesting to release the confiscated supply. Immediately distribute them to add to the availability of sugar in the market,” Fausto said.

Thousands of sacks of sugar, believed to have been smuggled, were discovered by government teams that inspected several warehouses in the country.

Agriculture Senior Undersecretary Domingo Panganiban said the sugar stocks discovered during the raids are still being inventoried.

Fausto said that even if the sugar stocks are found to have been smuggled, “[the] government should take measures to make them available in the local market. In whatever manner, price is a function of supply and demand. If you have enough supply, it [price] will go down.”

Based on monitoring by the Department of Agriculture of wet markets in Metro Manila, the retail price of refined sugar still stood at P100 per kilo.

Fausto said he is confident that once the milling of sugar starts, the supply in the market will go up.