Sugar Regulatory Administration chief Ma. Regina Bautista Martin yesterday said sugar prices in the domestic market rose to a high of P1,475.18 per Lkg last week from P1,330 previously, in probable anticipation of the upcoming holidays and the campaign period.

The prices may have gone up because market forces are seeking to stabilize at their own level, she said.

Also, traders are probably preparing for sugar needs for All Souls Day when buying becomes heavy, Martin said.

Consumption is also strong during the Christmas holidays and the campaign season, so demand is expected to be strong. That may also be the reason for the improved prices, she added.

Last week some sugar planters and millers suggested to Martin that the Philippines ship sugar to the U.S. at a much earlier date than usual and tap the world export market to help relieve pressure in the domestic market.

Last week the bidding price for raw sugar was P1,475 per Lkg at Universal Robina Corp.-Southern Negros Development Corp., P1,460 at Binalbagan-Isabela Sugar Corp., P1,455 in Central Azucarera de La Carlota, P1,436.66 at Victorias Milling Co., P1,436 at the Sagay Central Inc. and Lopez Sugar Corp., P1,425.58 at Hawaiian-Philippines Co., and P1,425 at First Farmers Holding Corp., Martin said.

She also said she will look into complaints that the shipment of sugar out of Negros has been slow with the merger of Negros Navigation and SuperFerry into 2GO Travel.

She said sugar in the world market is at P937 per Lkg raw or P1,100 if landed in the Philippines.

She reiterated the need for sugar traders to prepare to be competitive with tariffs on imported sugar dropping from 28 percent this year to 18 percent in January next year, 10 percent in 2014 and 5 percent in 2015.*CPG

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