BACOLOD CITY – An officer of the Philippine Sugar Millers’ Association, Inc. (PSMA) announced that the Philippines is currently experiencing a surplus in sugar production.
“The country has an abundant supply of sugar this year. Our increased production has filled our warehouses, so there is no need to import at this time,” said Atty. Jesus L. Barrera, Executive Director of the PSMA, in a press statement on Tuesday.
Records from the Sugar Regulatory Administration (SRA) show that as of May 12, 2024, raw sugar production has reached 1.921 million tons, surpassing last year’s 1.799 million tons. Refined sugar production also increased to 687,823 tons from 624,389 tons last season.
Inventory levels have risen significantly, with a 26% increase in raw sugar and a 35% increase in refined sugar compared to last year’s inventory levels, totaling 1.150 million tons raw equivalent.
Part of the inventory includes 135,675 tons of imported refined sugar brought in last year that remain unwithdrawn and unused.
Conversely, sugar demand has fallen this season. Withdrawals of domestic raw sugar and local refined sugar have decreased by 4.23% and 7.20%, respectively, while withdrawals of imported refined sugar have risen by 16%.
“Even with sugar milling already closed for the season, we are confident that our current sugar inventories will last beyond the start of the next crop year, which is estimated to begin on October 1, 2024. However, we will continue monitoring the impact of El Niño on supply levels in the upcoming 2024-2025 harvest,” Barrera added.
