MANILA, Philippines–The government is pushing through with its ‘export replacement’ scheme where 90,000 tons of sugar exported last year would be imported by concerned traders to boost local stocks.
This was according to Rosemarie S. Gumera, head of the planning department of the Sugar Regulatory Administration (SRA) and vice chair of the joint SRA-NFA (National Food Authority) bidding and allocation committee.
Gumera told reporters that notices had been sent to international traders on the matter. Pro-rated import volume allocations have been assigned to exporters on record based on their export volumes last year.
International traders have a combined allocation of 85,500 tons and food processors, 4,500 tons.
Gumera said the government was rechecking the allocations for food processors and would invite them to import soon.
The 90,000 tons for export replacement form part of the 150,000 tons that the government wants imported before the milling season ends in August.
Import rights for 60,000 tons were auctioned off in February but there were very few takers. Auction participants availed themselves of only 14,900 tons. The rest may be offered for bidding again later.
The Philippines needs a buffer stock of 360,000 tons by the end of August to ensure that sugar prices will not go up after the milling season.
Aside from beefing up buffer stocks, local traders are anticipating that the United States will increase its importation of sugar by as much as 75,000 tons under the tariff-rate quota scheme that allows Philippine traders to ship sugar to that market duty-free.
For the crop year ending Aug. 31, 2010, local sugar production is seen hitting 2.18 million tons. –Riza T. Olchondra
Philippine Daily Inquirer
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