Manila: The Philippines’ Department of Agriculture said on Sunday that the ban on sugar imports will continue until December 2026. The decision aims to protect domestic producers amid improving supply conditions.
Prioritising Domestic Production
Agriculture Secretary Francisco Tiu Laurel said, “Given the current assessment of sugar production and demand, it is necessary to extend the import ban for a longer period than previously suggested.”
Citing strong domestic raw sugar production, he said the policy was designed to prioritize locally produced sugar and stabilize the market.
Strict monitoring of sugar stocks
As chairman of the Sugar Board, the policy-making body of the Sugar Regulatory Administration, Tiu Laurel said the agency will intensify monitoring of refinery operations to ensure accurate information on the stockpiles of standard and premium grade refined sugar.
Manufacturing sector booms
On December 9, the Philippine Statistics Authority (PSA) reported that the country’s manufacturing output increased in October. The Value of Production Index (VaPI) increased 1.7 percent year-on-year, compared to 1.6 percent in September.
The Volume of Production Index (VoPI) also increased 1.4 percent, compared to 0.8 percent in the previous month.
This growth in the manufacturing sector was primarily driven by a robust 16.8 percent increase in the production of computer, electronic, and optical products, which contributed 60.1 percent to the total. The sector was also supported by a slowdown in the pace of decline in chemicals and chemical products (23.5 percent) and a 15.1 percent recovery in the manufacture of wood, bamboo, sugarcane, and rattan products.
Of the remaining 19 industry categories, 13 recorded year-on-year growth, while 6 saw declines.
The major contributors to the annual growth in the manufacturing VaPI in October came from computer, electronic, and optical products, food products, and basic drugs and pharmaceutical preparations.
Aries: The day will be auspicious...