The Philippine Sugar Millers Association (PSMA) said on Tuesday, May 28, that there is no need to import sugar because the country is currently experiencing a surplus in production.
The country has an abundant supply of sugar this year. Our increased production has filled our warehouses, so there is no need to import at this time”, Jesus L. Barrera, PSMA Executive Director, said in a press statement.
Records from the Sugar Regulatory Administration show that as of May 12, raw sugar production has reached 1.921 million tons, exceeding last year’s 1.799 million tons, while refined sugar production also went up to 687,823 tons from 624,389 tons last season, the statement said.
Inventory levels have also risen significantly, with a 26 percent increase in raw sugar and 35 percent increase in refined sugar compared to previous year’s inventory levels, totaling to 1.150 million tons raw equivalent, it added.
Part of the inventory is the 135,675 tons of imported refined sugar that were brought in last year that are still unwithdrawn and unused, the statement said.
On the other hand, sugar demand has fallen this season. Withdrawals or demand of domestic raw sugar and local refined sugar have decreased by 4.23 percent and 7.20 percent, respectively, while withdrawals of imported refined sugar have risen by 16 percent, it added.
“Even with sugar milling already closed for the season, we are confident that our current sugar inventories will last beyond the start of the next crop year which is estimated to be on October 1, 2024. However, we will continue monitoring the impact of El Nino on the supply levels in the upcoming 2024-2025 harvest”, Barrera said.*