The head of the country's largest business organization, the Philippine Chamber of Commerce and Industry, has lauded the decision of President Ferdinand "Bongbong" Marcos Jr. to import 64,050 metric tons of refined sugar, although some groups have opposed it.

"That was expected because we have heard that there's a shortage. It is because the demand for sugar is peaking during the 'ber' months. So, it's good," said PCCI president George Barcelon in a telephone interview.

"With this importation, sugar prices will be balanced in the coming days. The prices of sugar should be lower than P60. But until now, we have not reached that level," he said.

Based on the December 2022 price monitoring of the Sugar Regulatory Administration, the prevailing price of refined sugar in Metro Manila should be P4,500 to P4,700 per 50-kilogram bag or P94 per kilo.

But prices of refined sugar in supermarkets and wet markets are now ranging from P105 to P110.

In a separate interview, Joey Concepcion, president and CEO of RFM Corporation, also backed the importation.

"Yes, it's a good move. Sugar prices above P4,000 during the milling season will affect so many consumers, companies, and the general public during this period. We normally start to hedge our annual requirement but at P4,000, that is extremely high," he said.

"(Per bag at) P2,520 is the price that we hedged last year, good until this February. This is where sugar prices should be," he added.

Surprised by decision

The Department of Agriculture earlier said that the importation of sugar this month would lower refined sugar prices.

Also on Thursday, Philippine National Federation of Sugar Workers Secretary General Butch Lozande said they were surprised by the decision of the President's order for the abrupt importation of 64,050 metric tons of refined sugar, saying that is untimely since local millers are in full swing, meaning there is enough supply.