THE top official of the Sugar Regulatory Administration (SRA) pointed out that there is no reason yet for sugar prices to go up.
SRA Administrator Hermenegildo Serafica, in a statement, said sugar stock balance is currently at an all-time high at over 1.1 million metric tons (MT).
The volume is 143 percent higher than the stock balance during the same period last year.
Serafica said mill gate prices are also steady, from P1,450 to P1,550 per 50-kilogram bag for the last five months.
"In fact, this week's average mill gate price is P1,454 per bag," he said, adding that this is already on the low side compared to sugar prices from five years ago.
The SRA noted "very little" withdrawals in the mills as all of their warehouses are full and most are already preparing additional spaces for storage.
Some mills have also rented additional warehouses while others repurposed their other structures like basketball courts for sugar storage, it said.
Serafica said he has been going around inspecting the warehouses of sugar mills and traders.
He found out that many of the imported sugar have not been used. In fact, over 133,500 MT of imported sugar have not been withdrawn from the warehouses.
"Those who are spreading rumors on increasing sugar prices are trying to manipulate the market so they can increase their profits at the expense of the consumers and producers," he added. (EPN)