SRA says no basis for rumors of impending sugar importation

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THE Sugar Regulatory Administration (SRA) said rumors that sugar will need to be imported to meet domestic demand are untrue.

In a statement, SRA Administrator Hermenegildo R. Serafica said buffer stocks are sufficient.

Raw sugar production as of the end of March fell 9% year on year to 1.45 million metric tons (MT) for the ongoing crop year, still higher than demand which rose 11% to 1.22 million MT.

In January, the SRA in Sugar Order 1-A said that its initial projection for raw sugar production was under 2.38 million MT for crop year 2017-2018.

The crop year for sugar begins in September and ends in August.

SRA Board Member Roland B. Beltran said: “There is no basis for speculation being floated around regarding alleged importation plans.”

Last month, the SRA set aside 94% of sugar stocks for domestic use, while 6% was set aside for Class A for the US market. It eliminated the allocation for Class D, which is for non-US export markets. — Anna Gabriela A. Mogato