The United States Department of Agriculture has increased the Philippines share of its sugar quota, Sugar Regulatory Administrator Ma. Regina Bautista-Martin said yesterday.
The SRA estimate is that the increase will be from 58,000 to 60,000 metric tons, but is still awaiting the official figure from the USDA, she said.
This is on top of the 138,000 MT US quota share allocated to the Philippine for this crop year, which has already been shipped out, she said.
Martin said the country has the sugar to fill the additional quota.
However, the US market price for sugar is P1,300 per Lkg compared to the Philippine average domestic price of P1,500 per Lkg, she said.
Enrique Rojas, president of the National Federation of Sugarcane Planters, said aside from the about 60,0000 MT quota increase for the Philippines an additional US quota share could also be granted to the Philippines in June.*CPG