Gov't mulls voluntary purchase of raw sugar

The Sugar Regulatory Administration (SRA) is mulling a new round of voluntary purchase program that would siphon off a certain level of raw sugar from the market to arrest falling prices of the commodity.

- By JASPER EMMANUEL ARCALAS

SRA administrator and CEO Pablo Luis Azcona said the agency's board is now studying the possibility of opening a voluntary purchase program that would encourage traders to buy raw sugar higher than prevailing market prices in exchange for the right to future import programs.

"We are studying what we did last year and finding ways to improve it and make it a lot fairer to participate. (We want) anybody can participate as long as they possess a domestic trading license," Azcona said.

Under a voluntary purchase program, raw sugar would be bought at a premium and would be classified as "C" sugar or reserved sugar, meaning the stocks would be temporarily held off from market circulation, effectively reducing available supply for sale.