SRA chief briefs PNoy
on step vs. price surge
BY CARLA GOMEZ
Sugar Regulatory Administration chief Ma. Regina Martin informed President Benigno Aquino III yesterday that the SRA is converting the country’s outstanding stock of “D” or world market sugar into “B” or domestic sugar to arrest further sugar price increases and provide sugar buffer stocks at the end of the crop year.
In a report to the President on the country’s sugar situation, Martin said the Sugar Board, upon assessment of the supply-demand scenario supported by the recommendations of industry organizations, and in consultation with the major stakeholders of the industry, came up with the decision to convert D sugar to B.
When the conversion of “D” to “B” sugar will be implemented, it is estimated that total buffer stocks of raw and refined sugar for the domestic market will be around 275,000 metric tons which is a little bit higher than the standard buffer stock level of 250,000 metric tons every end of the crop year, Martin told the President.