Sugar prices may go up to P54/kilo in February

Amid government warning against overpricing of sugar by profiteers in some markets, prices may go up by P2/kilo to P54 in February. Sugar Regulatory Administration (SRA) head Rafael Coscolluela said on Tuesday that the looming sugar price increase is due mainly to the high prices of the commodity in the world market. According to Coscollueda, the present suggested retail price (SRP) for sugar stands at P52/kilo, although he noted that some traders were selling the product for as low as P47/kilo. “[Pero sa] first week of February, posibleng umakyat sa P54/kilo ang suggested retail price natin (By the first week of February, it is possible the suggested retail price of sugar will go up to P54/kilo)," Coscolluela said in an interview on dzXL radio. On Monday, the Department of Trade and Industry (DTI) said that it would go after vendors who sell sugar for more than P48 a kilo, adding that retailers face charges for overpricing. [See: Sugar should not go beyond P48/kilo – DTI] Coscolluela, however, clarified that the looming price hike is based on the mill gate buying price, which in turn is based on world prices. He said there is a shortage (9-13 million tons) of the commodity in the world market. For the last two years, he said sugar production had gone down among all world sugar producers, including the Philippines. This was due to many reasons such as bad weather, low prices, and high cost of inputs, he said. “Our small farmers and agrarian reform beneficiaries are recovering now but we hope they will not overprice," he said. - LBG/RSJ, GMANews.TV