Acting Negros Occidental Governor Jeffrey Ferrer said on Wednesday, December 28, that the high prices of sugar in the retail market are contributing to more than 30 percent of the country’s current 8 percent inflation rate.
But President Ferdinand Marcos Jr. is doing everything he can to address the high inflation rate, Ferrer assured.
The Department of Agriculture earlier announced the move to import 64,050 metric tons of refined sugar under the minimum access volume (MAV), he noted.
This will help bring down the inflation rate, Ferrer added.
Agriculture deputy spokesman Rex Estoperez said the decision to import more sugar under MAV is in response under the MAV the ballooning inflation rate with confectionaries and sugar contributing 38 percent to the 8 percent inflation.
The Philippine sugar industry needs to increase its production, Ferrer said.
Ferrer also cited the high prices of onions that have hit as much as P650 per kilo .
If importation of onions is needed, it should be done properly to prevent smuggling, he said.*