The local production of sugar in the country has dramatically increased to 66.31 percent in the third week of October compared to the same period last year, the Sugar Regulatory Administration said.
In the latest supply and demand situation report of SRA, from September 1 to October 18, 2020, the total production of raw sugar was 97,845 metric tons (MT) compared to the same period in the previous year with 58,834 MT.
This is equivalent to 1.956 million 50-kilo bags this year and 1.176 million last year.
The demand for raw sugar has also increased by 51.21 percent, from 114,319 MT to 172,859 MT during the period, SRA said.
The sugar crop year starts every September and ends in August.
Moreover, the production of refined sugar fell by 79.44 percent at 2,963 MT from 14,410 MT in the previous year, SRA said.
The production of molasses also increased by 53.89 percent, from 30,845 MT to 47,468 MT.
The total sugarcane milled during the period also increased by 68.73 percent, from 783,068 MT to 1.321 million MT.
The sugar millgate price, meanwhile, decreased by 4.14 percent, from P1,495.16 per 50-kilo bag to P1,433.20 per 50-kilo bag, while the prevailing retail price of raw sugar in the market remained at P45 per kilo.*