Alarm raised vs. drop in millgate prices of sugar, but SRA says no oversupply
The declaration by the Department of Agriculture and Sugar Regulatory Administration that there would be no more sugar importation until the end of the harvest next year has failed to arrest the drop in mill gate sugar prices, two groups said.The Sugar Council and National Congress of Unions in the Sugar Industry (NACUSIP) aired their concern on the drop in mill gate prices in a press statement on Sunday, Nov. 17.Agriculture Secretary Francisco P. Tiu Laurel Jr. said last week that there is no immediate need for additional imports, as domestic supply of raw and refined sugar remain stable and sufficient to meet projected needs.“Given the current situation, (Sugar Regulatory) Administrator (Pablo Luis) Azcona and I agreed that a decision on sugar importation could be de...