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Farmgate raw sugar prices seen returning to 'fair' levels
The Philippine Star
|March 12, 2024
The Sugar Regulatory Administration (SRA) expects farmgate prices of raw sugar to return to “fair” levels for sugarcane farmers as the government greenlit a program that would temporarily siphon off 300,000 metric tons of supply from market circulation.
The SRA board, led by Agriculture Secretary Francisco Tiu Laurel Jr., issued Sugar Order (SO) 2 that allows traders to secure an import allocation privilege in future import programs on the condition that they would procure raw sugar at “premium” prices.
The maximum 300,000 MT of raw sugar will be held off for domestic use as they will be classified as “C” sugar or reserved sugar for 90 days unless approved by the SRA board for earlier reclassification, based on SO 2.
Sugar traders who will purchase 1.5 kilograms of raw sugar will be allowed to import one kilogram of the commodity in the future, according to SO 2 or the voluntary limited volume purchase program.
This story is from the March 12, 2024 edition of The Philippine Star.
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