Govt revises sugar output target
Manila Times
STATE-RUN Sugar Regulatory Administration (SRA) has realigned its production target for the current crop year due to the low domestic supply of the commodity in the country.
Rafael L. Coscolluela, SRA administrator said the agency sees only 2.8 million metric tons of sugar output from the original 2.3 million metric tons for the crop year 2007-08. He said the revised projection is still higher than the last period of 2.23 million metric tons.
Coscolluela said the recently released sugar allocations may be reassessed depending on the weather situation in the next months.
He also said that refined sugar production in Negros Island resumed last week, resulting in lower retail prices of the commodity.
Citing the zero output in October 18, Coscolluela said refined sugar production as of Wednesday last week reached 3,862 metric tons, adding that withdrawal also dropped to 16,759 metric tons from 18,041 previously.
“Industry wide speculation said that due to stoppage of technical smuggling, it resulted to tightness of supply because there was higher demand for sugar in [the] local market,” he said.
–Chino S. Leyco
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