The Philippines has suspended sugar export to the United States during the current crop year as the forecast drop in output may just meet local demand.
The sugar miller Central Azucarera de San Antonio (CASA) is planning to raise ₱558.47 million (US$11.6 million) through an initial public offering (IPO) to upgrade its sugar and biomass facilities and expand its landbank, according to local press reports.
Philippines – URC purchase of Roxas Holdings Negros approved by the competition commission [Full subscriber]
The Philippine Competition Commission (PCC) approved on 7th September the acquisition by Universal Robina Corporation (URC) of sugar milling and bioethanol distillery plants and its parcels of land of Roxas Holdings, Inc. (RHI) in Negros Island, according to local press reports.
Two big sugar companies in northern Mindanao resumed milling operations on 20th April, reported CNN.
The Philippines is likely to import 450,000 tonnes of sugar during the current 2020/21 as the production is forecast to drop to 2 million tonnes while consumption is expected to rise to 2.35 million tonnes. The country will maintain its preferential access to the US market by exporting 140,000 tonnes sugar.
The Philippine government has moved to include sugar in COVID-19 relief packs to help cane growers weather the coronavirus crisis.
Due to coronavirus-containment measures, two sugar mills have been ordered to shut down. This could lead to a domestic shortage and trigger price spikes, the country’s farm minister said on 15th April.
The Philippines is expected to import some 400,000 tonnes of sugar for the current crop year (2019/20) as local production will not be able to cover increasing demand according to the latest report of the US Department of Agriculture-Foreign Agricultural Service (USDA-FAS).
Philippines – Top senator chides SRA for not fully spending allocated budget to drive improvements in the sugar sector [Full subscriber]
The Senate Committee on Agriculture and Food will be conducting a hearing on 15th August to look into the alleged failure of the Sugar Regulatory Administration (SRA) to implement the Sugar Industry Development Act (SIDA) for underspending the allocated budget.
The Sugar Regulatory Administration (SRA) has allowed the private sector to import 250,000 tonnes to meet the projected increase in demand amid low domestic production, according to local press reports.