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SRA to recommend higher sugar retail price of P56 per kilo


The Sugar Regulatory Administration (SRA) on Thursday said it would recommend a higher retail price of P56 per kilo for sugar, on the heels of consultations with stakeholders and the price levels of the commodity in the international market. It will make the recommendation to the Trade and Industry Department, the sugar regulator said. Raw sugar is currently selling at P50 per kilo and refined sugar at P55, according to the SRA production bulletin. The SRA also said it slashed its sugar production outlook for crop year 2010-2011 – starting September – to 1.87 million metric tons (MT) from 1.97 million MT a year earlier, prompted by the prolonged dry spell. The extended dry season stunted the growth of sugarcane and forced sugar producers to replant their crops, resulting in a delayed milling session this year, said Regina Martin, the new SRA chief. The El Niño-induced dry spell from December 2009 to May this year prompted the agency to cut its forecast for sugar, Martin said. "There are some sugar producers opting to harvest canes to catch up with the September milling season and enjoy favorable prices. But these sugarcanes are still not mature enough and may only result to a lower sugar recovery," she said. Sugar production will go full swing next December or early next year, the SRA chief said. —JE/VS, GMANews.TV

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