By Junex Doronio
August 4, 2022
MANILA — With the retail price of refined sugar in various local markets hitting P100 a kilo, the administration of President Ferdinand “Bongbong” Marcos Jr. has no choice but swallow the proverbial bitter pill of importing the sweetener.
This was revealed on Thursday, August 4, by Sugar Regulatory Administration (SRA) Administrator Herminegildo Serafica who said that PBBM has approved the plan to import at least 300,000 metric tons (MT) of sugar.
Earlier, Agriculture Undersecretary Kristine Evangelista said the high price was due to tight supply of sugar in the local market.
Serafica said the President acknowledged the move to prevent a shortage in the supply of the sweetener.
Refined sugar is being sold by as high as P100 per kilo at Muñoz Market in Quezon City, Pasay City Market, and Malabon Central Market in Malabon City.
Before the spike, the price of refined sugar was P57 to P60 a kilo in February 2022. (ai/mtvn)