DA exec: New SRP for sugar to be announced this week

Amid fears by market vendors of the "unstable" price of sugar, the Agriculture Department expects to come up with a suggested retail price for the commodity this week. In a radio interview Monday, Agriculture Undersecretary Salvador Salacup said Agriculture Secretary Proceso Alcala and Trade Secretary Gregory Domingo are working to come up with the new SRP. "By Tuesday or Wednesday may official pronouncement si Sec. Alcala and DTI Sec. Domingo on [the] new suggested retail price levels on white refined sugar (By Tuesday or Wednesday Alcala and Domingo will come up with an announcement on the new suggested retail price levels on white refined sugar)," Salacup said in an interview on dzBB radio. He said the DA and DTI want to make sure there are enough buffer stocks of sugar to ensure sufficient supply of the commodity. The assurance came amid fears that prices of white (refined) sugar, which now stand at about P52 per kilo, may go up.

In a separate interview on Unang Hirit, Salacup admitted that a shortage had been projected as early as 5 months back. He explained that the annual buffer level should be from 300 to 320 metric tons, but because of the El Nino phenomenon in the 1st and 2nd quarter, supplies are at 150 metric tons only. The need for additional sugar from foreign suppliers was agreed upon in an earlier meeting between Alcala and the farmers and sugar millers. According to Salacup, a public bidding was held Friday last week where 12 of 18 participants were awarded the possibility to bring sugar into the country. Following the farmers' request that the arrival of imported sugar will not influence prices during the milling period which falls in the 2nd or 3rd week of October, the imported sugar will not arrive later than September 15. "Sugar supplies are really tight both here and abroad," said Salacup, adding that Thailand, a noted sugar exporter, has already closed its doors to export activities. A report by dzBB's Denver Trinidad on Monday said vendors at the Libertad Public Market in Pasay City voiced fears prices of sugar may go up to P54/kilo. Presently, they sell refined sugar at P52/kilo, and "brown" sugar at P49/kilo. — with Carmela Lapeña/RSJ, GMANews.TV