Philippines: SRA backs probe into alleged sugar prices manipulation

Published 2024년 12월 10일

Tridge summary

The Sugar Regulatory Administration (SRA) in the Philippines is backing an investigation into alleged price manipulation by traders in the sugar industry. The SRA has noted that the country has a sufficient sugar supply for the Christmas season and questioned why prices are not stable. It also pointed out that farmers are suffering losses due to low farmgate prices, which are allegedly manipulated by traders. The United Sugar Producers Federation of the Philippines (UNIFED) has accused traders of hoarding supply to artificially increase prices. Negros Occidental Rep. Emilio Bernardino Yulo has also called for an investigation to help farmers receive fair prices and to prevent them from shifting to other crops.

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Original content

The Sugar Regulatory Administration (SRA) said it supports the move to investigate the alleged manipulation of traders in sugar prices. In Bernadette Reyes’ Tuesday report on 24 Oras, the SRA said the country has enough sugar supply this Christmas season so its prices should be retained. The per kilo prices of brown sugar range from P65 to P85 while white sugar costs up to P90 per kilo. However, the SRA said sugar farmers end up with a loss as sugar farmgate prices drop because traders allegedly take advantage of them. According to SRA, the farmgate price of sugar is P2,400 per sack, which is a loss in profit or just enough for sugarcane farmers to recover their investment. “Dito ‘yan sa buyers of the farmer sugar so dito yan sa umpisa ng supply chain. Yung first buyers, paglabas ng mill yun yung problema natin. Yung wholesale and retail constant eh lumalaki lang yung gap from wholesale to farmgate,” SRA administrator Pablo Luis Azcona said. (The problem starts with sugar buyers ...

Source: Gmanetwork