The Sugar Regulatory Administration has submitted draft amendments to the Philippine Sugar Corporation (PhilSuCor) charter to the office of President Ferdinand Marcos Jr. in response to calls for its revival, SRA Administrator Pablo Luis Azcona said on Thursday, August 24.
The draft amendments call for the inclusion of PhilSuCor credit facilities for farmers, and authority for it to release the Sugar Industry Development Act (SIDA) socialized credit program funds, he said.
The proposed revival of PhilSuCor would be a very good move, he said.
PhilSuCor was ran by farmers so they understood when and how the credit program should be implemented, Azcona said.
“Our farmers cannot afford delays when it comes to the need for financing,” he said.
The state-owned corporation was established in 1983 during the administration of former President Ferdinand Marcos Sr. to finance ” the acquisition, rehabilitation and/or expansion of sugar mills, refineries, and other related facilities used in the manufacture, packing, storage, distribution, and shipment of sugar and its by-products and derivatives.”
If revived it could also make financing available to the mills in order to modernize, Azcona said.
President Rodrigo Duterte ordered the abolition of PhilSuCor in 2018 and is said to have diverted P875 million of its funds to the government’s COVID-19 response.
Rep. Emilio Yulo III (Neg. Occ., 5th District) said he strongly supports the initiative to revive PhilSuCor as it will help in the rehabilitation of the sugar industry.
He said the SIDA implementing rules and regulations require that its funds be downloaded to the LandBank of the Philippines, which will have to be addressed.
Arnel Toreja, Luzon Federation of Sugarcane Growers and Associations (LuzonFed) chairman, said his group supports the revival of PhilSuCor that has helped the sugar industry in his area.
He said they will lobby for its revival if necessary.
GJ Sarrosa, a former PhilSuCor director, said its revival will help small farmers who are in need of financing to improve production.
PhilSuCor does not duplicate the SRA functions as cited by the previous administration, he said.
Sarrosa said Malacañang is revisiting PhilSuCor and we would like to request the president to revive it to help the small farmers.
PhilSuCor in the past was under SRA, he said.
The revival of PhilSuCor will require an order from the president, Sarrosa said.*