Philippines: Sugar Annual
Sugar production, trade and domestic prices are largely governed by the Sugar Regulatory Administration (SRA), a government agency under the Philippine Department of Agriculture. According to SRA data, the current average mill-site price for domestic raw sugar is roughly double the world market price. Without any expansion in production area foreseen by SRA, Post expects MY 2014/15 and MY 2015/16 raw production to remain at the MY 2013/14 level of 2.5MMT (assuming favorable weather). Industry contacts expect domestic consumption to modestly rise in MY 2014/15 and MY 2015/16 due to continued economic growth and expanding demand from the rapidly developing food processing industry. Post forecasts total exports for MY 2014/15 at 300,000 MT (up 50,000 MT from the previous year) due to rising world market prices.
