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Palace appeals to public to refrain from panic-buying of sugar


Malacañang appealed to the public anew over the weekend not to engage in panic-buying of sugar amid reports that prices have shot up to as high as P60 a kilo in the past weeks. Deputy presidential spokesman Ricardo Saludo said the government is already taking steps to stabilize sugar supply and prices, to the point of "flooding the market" with the commodity. “Walang dahilan para mag-stock ng asukal at [baka] dahil dito maitulak pataas ang presyo (There is no reason to stock up on sugar because doing so may even send prices up)," Saludo said on government-run dzRB radio. Besides, he said hoarding the commodity would not be wise as prices would go down once the imported sugar starts coming in. The sugar will be sold in the government’s “Tindahan Natin" outlets at lower prices, he added. Last Friday, the Agriculture Department said prices of sugar may go down to P48/kilo with the expected importation of some 150,000 tons of sugar. Agriculture Assistant Secretary Salvador Salacup said they are finalizing the guidelines for the duty-free importation of the commodity. In an interview on dzBB radio, Salacup said traders expect an early bidding for importation to bring down sugar prices to P49 or 50 per kilo. The present suggested retail price for sugar is P52 per kilo, amid reports that prices of sugar had gone up to P60 in recent weeks. - LBG, GMANews.TV

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