Philippines president seeks to reduce retail sugar prices up to 40%

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Philippines president seeks to reduce retail sugar prices up to 40%

Philippine President Ferdinand Marcos Jr. stated on Wednesday (August 17) that he was negotiating with the local sugar industry to lower retail prices of sweeteners by as much as 40% in order to lessen the burden on consumers facing the rise of inflation.

In the Philippines, the price of refined sugar has nearly doubled this year to 100-115 pesos per kilogram (US$1.79-US$2.06), adding to overall inflation reaching a four-year high last month.

According to the industry regulator, supply has been constrained by a decline in domestic sugar production brought on by unfavorable weather and delays in imports.

“We’re negotiating now with the traders. They first offered at 80 pesos (per kilogram), but I said I’d like to request for 70 pesos. And we’re getting there,” Marcos said on Wednesday.

To increase supplies and ease pressure on prices, Marcos previously stated that the Philippines may import up to 150,000 tonnes of sugar later this year. The country often purchases sugar from Thailand, the second-largest exporter in the world after Brazil. BKM/ Expat Media


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