MANILA, Philippines - Staying away during two previous biddings, retailers/repackers finally decided to participate yesterday in the government’s third attempt to auction off the right to import up to 15,850 metric tons of sugar.
Rosemarie S. Gumera, head of the SRA’s policy planning department, said there was an oversubscription, with bids reaching a total of 15,900 metric tons against an offer of 15,850 MT.
Gumera said the traders are probably hoping to build up their stocks in time for the lean sugar season which starts in July and ends in September.
National Food Authority (NFA) assistant administrator Jose Cordero said bids were submitted by trader Hermano Oil Manufacturing and Sugar Corp.; All Asian Countertrade; San Fernando Eric Commercial; Oro Allado Commodities; Edison Lee Marketing Corp.; Macondray & Co., Inc.; and Isaac’s Tree Food Manufacturing on behalf of small bakeries and restaurants.
The NFA-SRA also received full subscription for the remaining 6,000 MT allocation for institutions.
Thus, out of the total 22,700 MT on offer for the third auction, only 850 MT remains which would now be offered to the private sector on a negotiated basis, Gumera said.
The balance, Gumera said, would be added to the remaining unsubscribed 4,386.4 MT remaining from the 90,000 MT allocation under the Export Replacement Scheme.
Thus, up for offer on a negotiated basis to the private sector would be 5,236.4 MT.