SRA issues sugar order for crop year 2014-2015
Ninety percent of the country’s sugar for crop year 2014-2015 will be allotted for the domestic market, while the remaining 10 percent will be allocated for export market, the Sugar Regulatory Administration (SRA) said.
The SRA Sugar Board has approved Sugar Order No.1 last August 19 for the market destinations of the new crop’s production allocating 5 percent for the “A” or US quota, 90 percent for the domestic market, and 5 percent for the world market.
SRA Administrator Ma. Regina Bautista-Martin said the estimated sugar production this coming crop year would be about 2.5 million metric tons (MT) and consumption of about 2.25 million MT.
Under the order, “A” sugar would be about 125,000 MT for US quota market, including the 11,704 MT, which were not shipped out to the US this crop year.
Bautista-Martin pointed out that the 5 percent allocation is enough to meet the Philippines’ regular US quota of 136,000 MT.
SRA is also optimistic of a steady domestic demand of 2.25 million MT, a 2 percent increase in the domestic consumption from crop year 2013-2014. This meets the per capita consumption of 25 kilos for the 88 million Filipinos, excluding the 12 million overseas Filipino workers.
“The SRA will closely monitor supply and demand situation in the light of the volatility of the sugar market as the Philippine Sugar Industry prepares for the ASEAN Economic Community Integration come 2015,” Bautista-Martin said.
“SRA shall undertake periodic assessment of the CY 2014-2015 sugar production and consumption trends and shall take necessary actions to stabilize market conditions,” she added.
As of August 10, actual shipments to the US market has already reached 123,148 MT, while 128,849 MT was delivered to the world market.