The Sugar Regulatory Administration (SRA) released an order where an additional 150,000 tons on top of the usual 50,000 tons of raw or refined sugar is to be imported to the Philippines to lower the local prices, as the inflation rate in the country is at its highest compared to the last nine years.
As of August, the inflation hit an 8.2 percent, taking the total yearly inflation to 6.4 percent set a new record since 2009. As inhabitants of the Philippines noticed, Food and beverage prices are at an all-time high, which recorded an inflation rate of 8.5 percent.
Hopefully, the inflation should start to calm down in Q4 as measures are being taken which address the food supply constraint. And also, the government removed non-tariff barriers and streamlined the administrative procedures on importing agricultural products.
The Philippines usually buys sugar from Thailand, which is the world’s second largest sugar exporter next to Brazil.
This import program is open to any international sugar traders that are registered with the SRA, including beverage manufacturers who rely on the sugar the SRA would receive.
According to the SRA, the order would take effect 5 days after issuance, which is at 9:00 AM on the 8th of October.