Sugar prices stable, but DA monitoring continues

Sugar prices have stabilized to P50-52 per kilo and will not likely change in the coming weeks, but Agriculture officials will keep an eye on prices for at least three more months to address possible problems the El Niño phenomenon may inflict on the industry. Agriculture Assistant Secretary Salvador Salacup said they would also take steps to ensure that sugar farmers get enough irrigation especially in the Visayas. “In the next three months we are closely monitoring the situation in the Visayas due to El Niño. We will ensure that irrigation systems can provide for sugar farmers’ need for water, and we will closely monitor prices of sugar during this time," Salacup told dzXL radio. So far, he said, prices of refined sugar have stabilized at P52-P54/kilo, and are likely to slip further to P50-52. Prices of the commodity went up to as high as P60/kilo in the past weeks, prompting the government to allow imports to bring down prices. “We had projected that. We hope by next week [prices will] stabilize to P50-52/kilo," Salacup said of the price drop in recent weeks. Meanwhile, Salacup reassured the public of enough rice stocks, with the National Food Authority (NFA) expecting 2.2 million metric tons as standby supply. "We expect the 2.2 million metric tons of standby rice stock to arrive soon)," he said in Filipino. — LBG/NPA, GMANews.TV