SRA keeps sugar production outlook
MANILA, Philippines - Despite the onslaught of typhoons Pablo and Quinta, the Sugar Regulatory Administration (SRA) maintained its sugar production forecast for crop year 2012-2013.
In a statement on Friday, January 4, SRA Administrator Ma. Regina Bautista-Martin said sugar production for the current crop year was still projected to hit 2.356 million metric tons (MMT).
As of December 16, 2012, sugar production for the crop year already reached 872,978.87 MT, or 37.048% of the target. This was 27.19% higher than the production level in the same period last year.
The country's sugar production forecast was maintained amid expectations that world sugar supply would hit a surplus on the back of favorable crushing and weather conditions in producing countries Brazil, India and Thailand.
Martin said this would put pressure on sugar prices. However, she said the SRA was hopeful that domestic prices would continue to be stable, as shown in price movements over the past months.
She also said increased vigilance was important especially now that tariffs of imported sugar traded within the ASEAN region would be lowered to 18%.
"The need to increase productivity and reduce cost of production is even more imperative now. With import tariffs at 18% starting January 1, 2013, we need to be vigilant in assessing the impact of world market situation on local prices," Martin said. - Rappler.com