Philippines: Sugar Semi-annual

FAS Manila adjusts marketing year (MY) 2024 raw sugar production down to 1.8 million metric tons, 100,000 metric tons (MT) below USDA Official. Declining sugarcane planting areas and weather disturbances including the ongoing El Niño are expected to affect sugar production. Post forecasts no sugar exports following the recent Sugar Order (SO) No. 1 allocating all production to domestic consumption. Post sees no raw sugar importation as the Philippines government seeks to protect local producers but forecasts refined sugar imports of 240,00 MT (257,000 MT raw equivalent) to stabilize consumer prices and provide two months of buffer stocks. This includes the 150,000 MT refined imports approved by President Marcos as stated in SO7. Consumption stays at 2.2 million MT as prices remain elevated.