|No cause for price increase - SRA|
|Written by DA-SRA|
|Tuesday, 15 April 2014 07:26|
The Sugar Regulatory Administration assured that there is enough sugar stocks to meet the domestic demand, and stressed that there is no need for an upsurge in prices.
SRA Administrator Regina Bautista-Martin said that local sugar producers have already shipped out more than 125,000 metric tons (MT) of “D” sugar to international markets, with the US securing 60,000MT of the total shipment.
Sugar production has been delayed compared to last crop year but overall, the SRA is confident that its estimated production of 2.356 million MT this crop year will be achieved, if not surpassed.
“There is no reason for prices to go up”, added Martin.
At this time, the SRA is closely monitoring sugar production and withdrawal, including shipments and sugar movements. A slight increase in domestic withdrawals was observed, but it is still within the projections of the SRA.
The Sugar agency has also ordered its personnel to verify the physical stocks in the sugar warehouses. “Should prices continue to rise, we will take actions within our powers to curb the speculation,” Martin warned.
SRA Administrator Gina Martin – 0917-896-5071
Rosemarie S. Gumera - 9296137; 4550446; 09175936806; 09228397670
|Last Updated on Tuesday, 15 April 2014 07:27|