President Ferdinand Marcos Jr. has approved the additional importation of sugar following the recommendation of the Sugar Regulatory Administration (SRA) to stabilize the price and boost the country’s stock.
In a statement released on Monday, Marcos said: “We agreed to additional importation of sugar to stabilize the prices. Maximum amount will be 150,000 MT but probably less.”
“The exact amount will be determined once we have determined the exact amount of supply, which will come at the end of this month,” the President added.
He noted that the government is opening the importation of sugar to all traders.
Moreover, Marcos has approved moving the start of the milling season from August to September this year.
“That’s important for the corresponding increase in production by approximately 10 percent,” he stated.
Further, Marcos ordered the SRA to expedite block farming initiatives to increase production.
“Consolidation is an important part of agro-industrial production. We’re looking at increasing the budget for block farming to accelerate the process of organizing the block farms,” he added.
Also present in the meeting were SRA Acting Administrator Pablo Luis Azcona, Board Member Ma. Mitzi Mangwang, representing millers, Executive Secretary Lucas Bersamin, Presidential Legal Counsel Juan Ponce Enrile and SRA Board Secretary Rodney Rubrica.
