PHILIPPINES: SRA boosts 2016/17 cane production forecast to 2.4 million tonnes
Published: 06/19/2017, 11:41:33 AM
The Sugar Regulatory Administration said it raised the 2016/17 output target for sugarcane production to over 2.4 million metric tonnes after the initial target of 2.25 million tonnes was breached, according to the Philippines' Business World.
The new target, if achieved, compares with actual 2015/2016 output of 2.2 million tonnes.
"A little over 2.4 (million tonnes) is what I estimate," said SRA Administrator Ana Rosario V. Paner in a mobile message over the weekend, when asked for her new production estimate.
The agency's preliminary weekly demand and supply situationer shows that sugarcane output this crop year has hit 2.37 million tonnes.
The 2015/16 total was affected by an El Niño-induced dry spell.
Meanwhile, millsite prices of sugar fell to PHP1,249 (US$25) per 50 kilogram bag, way below the PHP1,770 per 50-kilo bag in the previous crop year, according to the SRA.
Paner, in an earlier interview, said imports of a competing product, high fructose corn syrup (HFCS), preferred by industrial users, have dropped from year-earlier levels.
Sugar industry stakeholders have complained of the unregulated entry of HFCS weighing down on sugar prices.
The SRA, has since made shipments of HFCS subject to its approval to prevent sugar prices from further dropping.