Rep. Emilio Yulo III (Neg. Occ., 5th District) said Sunday, November 27, that there is a lot of money in circulation in Negros Occidental now because of the good prices of sugar.
“An estimated P1.2 billion is circulated each particular milling week,” said Yulo, who previously served as the planters’ representative on the Sugar Board.
Previously it was only around P500 to P600 million circulating per milling week, he said.
“Money circulating in Negros is as much as twice what it normally was,” he said.
Millgate prices are at an average of P3,400 per 50 kilo bag of raw sugar, which had earlier even hit a high of P3,800, he said.
“We are at the highest level probably in the history of the sugar industry,” Yulo said.
“While we at present are enjoying high millgate prices, let us not forget that we must always strive to increase our farm productivity,” Yulo said
“It is important for us not to lose focus that productivity should be our main goal,” Yulo said.*