Marcos urged to crack down on sugar hoarders
THE United Sugar Producers Federation on Thursday urged President Ferdinand “Bongbong” Marcos Jr. to order the inspection of warehouses, saying traders are allegedly hoarding their stocks causing the spike in the retail price of refined sugar.© Provided by The Manila TimesWorkers arrange sacks of sugar at a warehouse in Marikina Public Market. PHOTO BY JOHN ORVEN VERDOTE
In a radio interview, the group’s President Manuel Lamata also assured enough sugar supply in the country following the decision of Marcos to junk the importation of 300,000 metric tons (MT) of sugar.How to Backup All Your Photos & Videos in Seconds (1 Click)AdThePhotostick Omni
“We respect the decision of the President and on our part in the industry, we will help bring down the retail price. The P100 per kilo on refined sugar is too much, that is unacceptable,” Lamata said.
Lamata said that as early as June 2022, the United Sugar Producers Federation has asked Sugar Regulatory Administration (SRA) Administrator Hermenegildo Serafica to look into the artificial shortage of sugar allegedly caused by the traders.
“Two months ago, we asked the SRA to inspect the warehouses of sugar, but nothing was done. If the SRA conducted a survey, we would determine the real stocks of sugar in the warehouses. There are many stocks in the storage,” Lamata added.
According to Lamata, the traders are waiting for the supposed arrival of the 300,000MT imported sugar before releasing the sugar supply in the local market.
“The traders will be forced to release the sugar from the warehouses since they are anticipating that the importation will bring down the prices. That’s their technique but since the President junked the importation, they will continue to hoard their stocks.