BACOLOD CITY (PNA) – The Sugar Regulatory Administration (SRA) is investigating the low trading price of sugar last week amid efforts to maintain prices at P3,000 per 50-kilogram bag.
Administrator Pablo Luis Azcona considered the development a “bit surprising” and said the SRA is now determining what could have caused the price depression.
Azcona, a sugarcane farmer from Negros Occidental, raised the concern that “someone is definitely making a scenario” with the low trading price. “We will not take this sitting down,” he added. He said that since February, sugar prices have been at a “comfortable level of P3,000,” translating to P60 per kg farmgate raw price and P85 per kg for refined in retail price in Metro Manila.
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