MANILA: Philippines President Ferdinand Marcos Jr on Monday approved imports of up to 150,000 tonnes of sugar to stabilise local prices as a domestic shortfall looms, his communications office said.
"We agreed to additional importation of sugar to stabilise the prices. Maximum amount will be 150,000 MT but probably less," Marcos was quoted as saying in a statement.
The latest plan comes just three months after the government said it was seeking to import up to 440,000 tonnes of refined sugar to boost tight domestic supply.
Based on data from the Sugar Regulatory Administration (SRA), the country - which usually imports sugar from its Southeast Asian neighbour Thailand - will have a shortfall by the end of August, or at the end of the local milling season.
The SRA, which Marcos also heads being the agriculture secretary, deems it necessary to import 100,000-150,000 tonnes of sugar to avert a shortfall, the statement said.
