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Manila Bulletin devider Business devider IAC-IMO sets October deadline for sugar import

IAC-IMO sets October deadline for sugar import

Published Jul 1, 2024 01:21 am

The Marcos administration’s inter-agency committee on inflation said that the importation of refined sugar must arrive in the country before October this year to help bridge the local production gap.

At its meeting on Friday, June 28, the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) instructed the Department of Agriculture (DA) to facilitate the importation of 200,000 metric tons of refined sugar.

Chaired by Secretary Frederick Go from the Office of the Special Assistant to the President for Investment and Economic Affairs, the IAC-IMO pointed out that the sugar should arrive “no later than October 2024.”

The IAC-IMO said that the importation is crucial for addressing production shortfalls and replenishing stocks, especially in the second half of 2024.

Last week, the DA announced its plan to issue a special order permitting the importation of 200,000 metric tons of refined sugar this month.

Agriculture Secretary Francisco Tiu Laurel Jr. said the importation is crucial to ensure an adequate supply of sugar and maintain price stability in the country.

"I'm planning that if we are going to import sugar, we should have an arrival of at least 200,000 tons by September," Tiu Laurel told reporters.

According to the DA chief, the sugar supply in the country is projected to decline between August and September, necessitating the need for imports.

"Therefore, we need to bridge the sugar gap with at least 200,000 tons by September-October," he added.

Tiu Laurel further said that the DA has been in discussions with sugar producers for six months and intends to meet with the Sugar Regulatory Administration (SRA) on July 10 or 11 to further address the issue.

The agriculture chief noted that the current price of sugar in the country ranges from P75 to P80 per kilogram.

As of June 26, based on the DA's monitoring, retail prices of refined sugar in Metro Manila range from P74 to P92 per kilogram.

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