Govt won't support price control on sugar — SRA

The Sugar Regulatory Administration (SRA) will not "control" the price of sugar in some retail stores even though consumers are worried about possible price hikes of this commodity in the near term. "Price control is counterproductive... It should be imposed only during times of calamities, emergency situations, or if there is price or supply manipulation," SRA administrator Ma. Regina Martin said in a statement Thursday. The agency said the price of sugar has increased by P2 per kilo in just two weeks. Sugar is now sold at P70 a kilo and between P64 and P68 per kilo in supermarkets and wet markets, respectively. Unlike other basic commodities, sugar is not "heavily subsidized" by the government, Martin said. Last week, the sugar agency informed the National Price Coordinating Council that the price of sugar in mill sites has started to ease. Martin explained that the price of sugar in mill sites should be translated to its corresponding retail price after three weeks. With prices of sugar in mill sites ranging between P2,032 and P2,300 per 50-kilo bag as of Jan. 30, retail price of the commodity in Metro Manila markets will likely range between P58 and P64 a kilo by the third week of this month. As of Feb. 15, wholesale price of sugar in Binondo and Divisoria markets ranged between P2,700 and 2,950 per 50-kilo bag. This would eventually translate to a retail price of P59 to P64 a kilo. Martin said sugar stocks have started to build up, indicating "a more stable price" of sugar for this quarter. As of Jan. 30, stocks of sugar totaled 174,733 metric tons, 19 percent higher than last year's stock level. — JE/OMG, GMA News