• GILBERT P. BAYORAN
The 25,300 metric tons of raw sugar, loaded in Tate J cargo vessel, is now on its way to the United States after leaving the Bredco Port in Bacolod City yesterday.
Sugar Order No. 3 allows “the Philippines to fulfill its US quota allocation of 25,300 MT,” the first export of sugar this year to participate in future import programs.
The shipment is expected to arrive in California after a month, according to a statement of the Sugar Regulatory Administration (SRA).
“This will balance out the supply of raw sugar in the country when milling starts this September,” SRA Administrator Pablo Luis Azcona earlier said.
According to the SRA, 30 sugar traders participated in the administration’s call last year to buy domestic sugar to stabilize farmgate prices that dropped to a low of P2,400 per bag of 50 kilograms.
Under the arrangement, they are allowed to import and export when needed.
Traders bought raw sugar at an average price of P2,700 per bag and sold it at the US export price of only P1,800 per bag.
“They are exporting sugar now at an estimated loss of P900 to P1,200 per bag of sugar,” Azcona said, pointing out that the opportunity to import refined sugar will give them a little profit to recoup their expenses.
The Philippines’ last shipment to the US was in the crop year 2020–2021, when it shipped 112,008 MT of commercial raw sugar.
The Philippines is also planning to import around 200,000 MT of refined sugar later this year to fill an anticipated supply gap and ensure the price stability of the commodity. | GB with PNA reports
