Philippines Sugar Import Ban Extended To July

The Philippines Sugar Regulatory Administration chief, Wilson Gamboa, said on Wednesday that he had ordered an extension of the countrys sugar import ban to July this year.

In October last year, Gamboa had asked traders and millers to stop sugar imports up to March this year. The order was issued to ensure that the large stocks of sugar in the countrys warehouses were exhausted. We have decided to extend the sugar import ban to July, at which time we expect the glut to have eased, Gamboa said.

The domestic sugar glut was due to the importation of 1.023 million tonnes from neighbouring countries in crop year 1995-1996 (September-August) against production shortfalls of 500,000 tonnes, he said.

Domestic sugar prices dropped to a low of 480 pesos three months ago from a high of 800 to 900 pesos at the start of 1996 because of the surge in supply between December 1996 and March 1997, the peak milling months in the Philippines.