MANILA (Bloomberg): Philippines has approved importation of as much as 300,000 metric tonnes of sugar, the government said, as tighter supply fanned wholesale prices.
The nation is seeking to import both raw and refined sugar, according to an order released by the Sugar Regulatory Administration. Inflation hovers at its fastest since late 2018, driven by quicker increases in costs of food, drinks and transport.
The regulator said it expects raw sugar production to fall 16% to 1.8 million metric tonnes in the crop year ending August.
Of the total volume allowed for importation, half shall be allocated for industrial users and the rest to producers and traders. Raw sugar purchases shall arrive no later than Oct 15, and Nov 30 for refined sugar, it said.
