Roxas Holdings to ship 28,000 MT sugar to South Korea, Japan

Manila-listed Roxas Holdings Inc. on Wednesday bared plans to export 28,000 metric tons (MT) of raw sugar to South Korea and Japan in the coming weeks through its unit, Central Azucarera Don Pedro Inc. Noting that the crop year ended in June, Roxas Holdings chairperson Pedro Roxas said production was much higher than anticipated. “We see this as an opportunity to tap other export markets like Japan and Korea," Roxas said. Central Azucarera Don Pedro plans to ship three cargo loads to Japan. It recently delivered a shipload to Korea through the Batangas International Port. It expects to make its next shipment by the end of the month. The move, Roxas said, is a response to the Sugar Regulatory Administration’s efforts towards converting domestic or class B sugar into world or class D sugar to ease excess supply in the domestic market. “The surplus in sugar production came on the heels of the US announcement that it will not purchase more than its annual sugar export quota from the Philippines," he said. The Philippines has a 224,549-metric ton raw value (MTRV) allocation under the United States tariff rate quota scheme in crop year 2010-2011. “Since we cater primarily to the local industrial market, this will be the first time in five years that we are back in the export market outside the US," Roxas explained. For crop year 2010-2011, Central Azucarera Don Pedro produced around 145,000 MT, company data show. — PE/VS, GMA News