Sugar supply stable, prices up
Raw and washed have had a surprising increase to P90 (per kilo) but farmgate has hovered from P60 to P65, so the retail price has no connection with supply anymore
Daily TribuneRaw and washed have had a surprising increase to P90 (per kilo) but farmgate has hovered from P60 to P65, so the retail price has no connection with supply anymore
PHOTOGRAPH BY AL PADILLA FOR THE DAILY TRIBUNE @tribunephl_al
The country's sugar supply has stabilized as refineries are making much more sugar than expected, data from the Sugar Regulatory Administration showed. However, an official said retail prices for raw and washed sugar have increased by P20 per kilo.
The SRA said that the amount of raw sugar produced in the country rose by 29.37 percent, from 404,714 metric tons last year to 523,567 metric tons as of 27 November.
Refined sugar production also grew 64.1 percent from 129,087.05 MT to 211,826.95 MT.
The total amount of refined sugar in stock is now 224,030.31 MT, which is 92.36 percent more than the 116,466.60 MT that was in stock at the same time last year.
"We are fortunate that good weather has been on our side. Thus production is high in terms of purity which has led to better sugar output as well," Tatak Kalamay spokesperson Gerard Joseph Sarrosa said.
SRA Board member and Planters' Representative Pablo Luis Azcona mentioned that the country has ample stocks of sugar with the ongoing milling and the arrival of 150,000 metric tons of imported sugar in November 2022.
"Refined sugar is a lot better compared to last year. We still have a lot of imported refined sugar in stock. Raw supply is at par with last year. The so-called shortage played up by industrials is long gone," Azcona said.
Sugar retail prices up
However, Azcona said that the retail prices for raw and washed sugar are catching up with the costs of refined sugar.
Department of Agriculture's data monitoring of public markets in the National Capital Region as of Tuesday showed that the retail prices for white sugar ranged from P92 to P105 per kilo, washed sugar from P85 to P90 per kilo, and brown kilo from P83 to P90 per kilo.
"Raw and washed have had a surprising increase to P90 (per kilo) but farmgate has hovered from P60 to P65, so the retail price has no connection with supply anymore," Azcona said.
He also said that the price of raw sugar at the farmgate was only P63 per kilogram last week, adding that the farmers "have nothing to do" with the prices.
