SRA to rake in P7.77 billion from sugar importation

By Eileen Mencias

The Sugar Regulatory Administration stands to earn P7.77 billion from the 440,000 tons of sugar that will be imported.

According to Sugar Order No. 6 signed on February 6, importers will have to pay P33 for every 50-kilogram bag imported as SRA clearance fee plus another P850 per bag as performance bond.

The Department of Agriculture can waive or reduce the P850-per-bag performance bond “in cases of emergency” or if “there is a need to address high consumer retail prices” or under “justified circumstances.”

SO No. 6 did not define what cases or circumstances would justify a waiver or a reduction in the bond.

The bond will be forfeited if any order, resolution or circular of the SRA is violated but will be released once the SRA receives the proof of purchase or the sugar release order and the sugar delivery order and the proof of actual trading.

Sugar farmers, producers, and workers earlier asked the government to open the importation to them and other stakeholders or at least give them a share of the profits from the importation.

SRA’s circular letter No. 11 dated January 10 lists some 90 international sugar traders with a license to operate as a trader for crop year 2022. (Eileen Mencias)