In a move to address the current rise in prices of sugar in the market, the Sugar Regulatory Board issued a suggested reference price (SRP) for all sugar products in the Philippine market. The board aims to prevent the retailers and suppliers from placing a steep price on sugar.
The price of sugar is rising in the past days as the its price increases in the world market. The increase in price is compounded by the rumours about the possible shortage of sugar. Sugar millers and suppliers were also accused of hiding their supply of sugar in the market so as to create an artificial shortage in the market and jack up the price.
Retailers are complaining about Sugar Regulatory Board’s SRP since they are the ones who will be penalized if they were perceived as profiteers by not following the SRP. Retailers said that the cause of the problem is the suppliers because they are the ones who price sugar steeply. Retailers can not sell sugar in price lesser than that of the suppliers.
Aside from the SRP, the government is studying the possibility of importing sugar to avert the possible crisis on sugar. Investigations are being made if there is indeed an shortage in supply or the suppliers are just making an artificial shortage.
The Sugar Regulotry Board will change the SRP for sugar weekly so as to reflect the correct price of sugar in the market.