Sugar prices stable at P56-P58 per kilo

Manila, Philippines - There is no need for the Philippines to import sugar as the price stabilized at P56-P58 per kilo due to weaker consumer demand, the Agriculture Department said yesterday.

DA Undersecretary Salvador Salacup said that from the way things are going, there is no need to import sugar. “We will keep on monitoring but the prices now are at P56 to P58 (per kilo) which is way below the P68 (per kilo) levels two months ago.”

Likewise, he said there is a noted decline in the demand. “We are now experiencing La Niña. During the El Nino the demand was high. It was evident in the softdrinks and juices consumption.”

For other goods, Salacup said the prices of rice, pork and chicken remain stable.

For his part, Trade Secretary Gregory L. Domingo said prices are now steady and the rice production is up. He said the inflation is only between four percent to five percent.

With regards to the P22 emergency cost of living allowance (ECOLA), Domingo said that it is a right balance. “It is reasonable for the workers and it is what the industry can afford.”