Government orders probe into rising sugar prices-A A +A
Monday, April 14, 2014
THE Sugar Regulatory Administration (SRA) raised alarm Monday over the rising prices of sugar at millgate over the past weeks despite enough stock.
SRA Administrator Ma. Regina Martin said she already ordered SRA personnel to look into it.
She said the country will have enough sugar stocks to meet the domestic demand.
"In fact, the country has already shipped out more than 125,000 metric tons of 'D' sugar to the world and about 60,000 metric tons to the US," Martin said.
While sugar production has been delayed compared to last crop year, she said that overall, the SRA is confident that its estimated production of 2.356 million metric tons this crop year will be achieved, if not surpassed.
“There is no reason for prices to go up," Martin said.
At this time, she said the SRA is closely monitoring sugar production and withdrawal, including shipments and sugar movements.
A slight increase in domestic withdrawals was observed, but it is still within the projections of the SRA, the official said.
She said that SRA personnel would verify the physical stocks in the sugar warehouses.
"Should prices continue to rise, the SRA is considering actions within its power to curb the speculation," she said. (SDR/Sunnex)