Traders hoarding sugar stocks should brace for impact as Malacañang orders a crackdown in the face of short supply.
Press Secretary Trixie Cruz-Angeles said the government will be raiding warehouses for sugar stocks that traders are hoarding.
Customs operatives discovered 44,000 sacks of sugar from Thailand in two warehouses in Bulacan and Pampanga on Thursday, August 18. The sacks amount to 2.2 million kilograms and are worth P220 million, with refined sugar now retailing at P100 per kg in public markets.
“This is a series of raids… We can confirm that, yes, there is another one today and possibly more in the coming days,” Angeles said in her noontime press briefing.