Bilyonaryo - Business

SOS: F&B manufacturing giants request permission to import sugar to sustain production

March 31, 2023

Bilyonaryo.com

Six food and beverage manufacturers have appealed to Malacanang for permission to import sugar as sugar traders have refused to provide quotes to industrial buyers, resulting in a depletion of the country’s sugar supply.

In a letter dated March 22 addressed to President Ferdinand Marcos Jr., the manufacturers said that the surge in sugar prices has continued, with imported sugar priced at an 80 percent markup from landed cost and retail prices soaring to P70 per kilogram.

The letter, signed by top executives from Alaska Milk Corporation, ARC Refreshments Corp., Coca-Cola Beverages Philippines Inc., Monde Nissin Corp., Nestle Philippines Inc., and Pepsi-Cola Products Philippines, highlighted their combined tax contributions of over P40 billion annually and their position as over 90 percent of industrial users requiring refined sugar for production.

They emphasized their contributions to the economy and their ability to sustain their contributions if they can continue production despite the scarcity of sugar.

Last year, they were allowed to import 75,000 tons for their requirements under Sugar Order No. 2 series of 2022-23, which helped stabilize prices and manufacturing output.

To prevent future supply crises, the manufacturers propose that importation be used to create a buffer stock for at least one quarter and prices for imports be pegged closer to world market prices to stabilize local pricing and control inflationary consequences.

Related News Tags: Alaska Milk Corporation, ARC Refreshments Corp., Coca-Cola Beverages Philippines Inc., Malacanang, Monde Nissin Corp., Nestle Philippines Inc., Pepsi-Cola Products Philippines, sugar

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