Millgate sugar prices dropped below P3,000 per 50-kilo bag (Lkg) at three mills in Negros Occidental last week alarming sugar farmers.
The composite millgate price of sugar in Negros for production week ending September 10 was P2,825.35, Administrator Pablo Luis Azcona of the Sugar Regulatory Administration told DIGICAST NEGROS on Sunday, September 17.
The drop in prices caught him by surprise and he would look into the matter, Azcona said.
“This year we were all hoping that they would start ay P3,000,” he said.
He said the price at two of the biggest mills Victorias Milling Co. (VMC) and URC La Carlota were below P3,000, while sugar at other mills sold higher.
Sugar at Universal Robina Corp. (URC) – La Carlota sold at P2, 550, Victorias Milling Co. at P2,600, and at Sagay Central – P2,700, he said.
However, the millgate sugar price at Hawaiian Philippine Co. in Silay City was at P3,039 and P3,011 at First Farmers Holding Corp. in Talisay City.
Azcona on August 23 had allayed fears of sugar farmers that millgate prices could drop below P3,000 per LKg at the start of the milling season.
The Marcos administration is committed to keeping the millgate prices of sugar at P3, 000 per LKg to protect the farmers, he said then.*