MANILA -- The Sugar Regulatory Administration (SRA) said Thursday the country has no sugar shortage, following the evaluation of its buffer stock.
"There is no shortage of sugar. SRA data show that we will be able to reach our target production with enough buffer stock at the end of the milling season," SRA administrator Hermenegildo Serafica said in a statement on Thursday.
In a meeting, the SRA Board found there is no need to import sugar for domestic consumption.
The SRA Board consists of lawyers Roland Beltran and Bernardino Yulo, with Department of Agriculture Undersecretary Segfredo Serrano participating in the meeting.
SRA Board member Beltran also said there is "no basis" for circulating allegations of importation plans.
Last month, the SRA issued an order to remove its sugar allocation for the world market to reallocate the supply to the domestic market. This is expected to improve the composite price of sugar, but will defer the plan of the sugar industry to seek stable markets outside the United States.
The country only exported to the United States at an annual sugar import quota of 136, 201 metric tons (MT) under a premium price and a low tariff. (PNA)
