DTI assures of ample local supply of sugar

Trade and Industry Secretary Peter B. Favila gave his assurance yesterday that "there is ample supply of sugar in the market, thus, consumers need not panic."

Favila made the assurance after visiting three warehouses in Manila last Wednesday.

A joint composite government team led by Favila, Sugar Regulatory Administration Administrator James Ledesma and National Bureau of Investigation Officer in Charge Nestor M. Mantaring visited warehouses in Binondo, Harbor Center and Pandacan and found out that there is ample supply of sugar for the buying public.

Favila noted, however, that there has been slow movement of sugar in the market.

According to Favila, "our field inspection visit last Wednesday was aimed at discerning if there is hoarding in the market, but the inspection showed that there were deliveries in the past weeks although at a slow pace."

A meeting at the SRA enabled the government to look at delivery problems and discuss solutions to hasten the replenishment of stocks at the retail level, Favila said.

Approximately 50,000 bags of refined sugar were inspected by the government team valued at P1,900 per 50-kilogram bag.

The Paco warehouse yielded the biggest stock at 37,000 bags.

Ledesma said the Pandacan warehouse could easily accommodate some 500,000 bags but its present stock of only 37,000 bags show that the place is not hoarding.

Favila said that sugar prices would go down in the next two to three weeks as a result of a favorable sugar bidding that was held last Tuesday.

Favila relayed that SRA Administrator Ledesma reported lower price bids for sugar and that speculators have stayed out of the bidding.

Present sugar retail price hovers at P39 to P40 per kilo.

"Expect prices to go down to P35 in two to three weeks when sugar will be delivered to the retail sector," Favila added.

"The government is closely watching the price and supply movement of sugar and will do everything in its power to make it available and affordable to consumers," Favila said.