The Sugar Regulatory Administration has authorized the importation of another 150,000 tons of refined sugar to ensure supply and stabilize prices.
The SRA released Sugar Order No. 7 that will bring to 740,000 tons the volume of refined sugar it has authorized for importation for crop year 2022-2023. The SRA released SO No. 7 on July 6, 2023 and sugar traders must bring in the sugar before September 15, 2023.
Because milling started early for crop year 2022-2023, milling will also end early. Hence, “in anticipation of the possible shortfall of supply and to bridge the gap between the supply and the demand, the SRA finds it imperative to open a second import program to address the demand for CY 2022-2023.”
This will be the third import program for corp year 2022-2023 and the second for this year.
In the latest sugar order, the SRA board will approve the volume allocation to eligible importers. Those who will import under SO No. 7 must have bought locally produced refined sugar for this crop year to buy locally refined sugar for this crop year.
The amount of local sugar they bought or will be buying will be the basis for determining the sugar they will be importing. The deadline for buying the locally refined sugar is on August 31, 2024.
The sugar importer is required to completely distribute its allocation to its clients within a month from the arrival of the shipment or no later than October 15, 2023.
The SRA will accept applications for the importation of the sugar within three calendar days from the effectivity of SO No. 7 and the award of the allocations to eligible importers will be three days after the last day of application.