MANILA, Philippines — The Philippines may import 200,000 metric tons (MT) of sugar next year as the government projects less need to import amid ample stocks.
During his confirmation hearing by the Commission on Appointments yesterday, Agriculture Secretary Francisco Tiu Laurel said the 200,000-MT volume is the assessment of the sugar industry with the Department of Agriculture (DA) and the Sugar Regulatory Administration (SRA).
The volume, however, is still subject to change “assuming there are no adverse weather conditions we face,” he said.
“Based on estimates with the SRA, which we’ve been meeting for the last two weeks, we feel that next year, we won’t need to import too much sugar. Because this year, we saw increased importation of sugar and we still have plenty of sugar stocks in the market,” Laurel said.
Based on SRA data, the latest total physical refined stock is at 506,307.75 MT as of Nov. 12. This is more than double than the 232,398.56 MT stock in the same period last year.
Last February, President Marcos approved Sugar Order (SO) No. 6 to bring in 440,000 metric tons (MT) of refined sugar into the country.
This was followed by another 150,000-MT refined imports also approved by President Marcos under SO7 in July.
Earlier, the United States Department of Agriculture (USDA) projected the Philippines will import 240,000 MT of refined sugar this crop year 2023-2024.
However, this forecast includes the 150,000-MT refined imports SO7, which were required to be in the country by Sept. 15 and was extended until Oct. 15.
The USDA said this projected sugar importation would fill in the supply gap and help maintain stable retail prices of the sweetener.
In its Sugar Semi-Annual report, the USDA forecasted raw sugar production to reach 1.8 million MT this crop year beginning September, lower by 100,000 MT from its previous projection.
The projection is below the Sugar Regulatory Administration’s (SRA) forecast of 1.85 million MT as noted in SO1.
The USDA said declining sugarcane planting areas and the impact of weather disturbances, including the El Niño phenomenon, were the main factors for the lower forecast.
Meanwhile, the El Niño phenomenon increases the likelihood of below-normal rainfall and reduced yields.
The US agency also said SO6 and SO7 have failed to address the high retail prices affecting consumers and food manufacturers.
Based on the monitoring of the Department of Agriculture as of yesterday, the retail price of refined sugar was at P72 to P100 per kilo, washed sugar at P70 to P96 a kilo, and raw sugar at P65 to P96 per kilo.