THE Department of Agriculture (DA) said the ban on importing sugar will be extended until December 2026 to protect domestic producers, who are expected to post strong output.
“Based on the current outlook for sugar production and demand, a longer import moratorium than initially suggested is necessary,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted as saying in a statement.
Sugar imports were halted in October to encourage traders to purchase domestic sugar and prop up prices.
Mr. Laurel said domestically produced sugar should be prioritized to stabilize the market.
The DA said it will also step up monitoring of refinery operations to maintain accurate data on standard and premium-grade refined sugar inventories. Mr. Laurel said this is critical to prevent supply distortions and speculative pricing.
The DA and the Sugar Regulatory Administration (SRA) are also finalizing a regulatory framework governing molasses imports to shield domestic producers.
Under the proposed rules, the DA said molasses users will first be required to purchase and withdraw domestically produced molasses before applying to import, subject to a pre-determined ratio and the SRA’s approval. — Vonn Andrei E. Villamiel