Prices of refined sugar are expected to be reduced after sugar planters volunteered to sell their product at P48 per kilo.
Agriculture Secretary Emmanuel Piñol said sugar planters made the commitment during a recent dinner meeting hosted by Senator Juan Miguel Zubiri in a Makati hotel.
Piñol added that sugar planters also allowed the government to import up to 300,000 metric tons of sugar to bring down prices in the market.
“We would like to show to President Duterte that we support his efforts to bring down prices of goods in the market,” the sugar planters said.
However, Piñol explained that the sugar planters requested that the importation should only be for the consumer market.
He added that the sugar planters will not ask for royalty payments unlike in previous importations.
“In the past, the Sugar Regulatory Administration (SRA) issued import permits to the planters associations who sold the import permits to traders who in turn sold the sugar to the end users. The system allowed unscrupulous traders to control the imported sugar and the prices. It also failed to bring down prices of sugar in the market,” Piñol said.