THE Sugar Regulatory Administration (SRA) board has approved the “B” classification and the floor price of P1,650 for the seized imported refined sugar from Thailand by the Bureau of Customs (BOC), the BusinessMirror learned.
Voting 3-1, the SRA board approved the market classification of the 10 20-foot container vans of seized imported sugar as “B” or domestic market sugar and its floor price of P1,650 per 50-kilogram bag (LKg).
Based on existing rules, the SRA has the authority over the disposition of smuggled and confiscated sugar by the BOC to ensure that such external supply would not distort and depress domestic sugar prices.
The BOC Port of Manila (BOC-POM) requested for the market classification and floor price from the SRA for the seized sugar containers.
Documents obtained by the BusinessMirror showed that the volume being subjected for auction is at least 5,100 LKg.
The SRA regulation department took samples from the confiscated shipment with the laboratory results later on showing that the imported sugar met the requirements of the Philippine National Standard for white sugar.
The SRA management recommended to the SRA board the approval of the market classification of “B” with a floor price of P1,650 per 50-LKg.
SRA Administrator and board vice chairman Hermenegildo Serafica voted affirmatively on the request for market classification and the proposed floor price.
Agriculture Secretary and SRA board chairman William D. Dar threw his support behind the vote of Serafica, thus, voting affirmative as well.
SRA board member (planters’ representative) Emilio Bernardino L. Yulo III also voted affirmative as he “agreed” with the recommendations made by the SRA management regarding the seized imported refined sugar.
Only SRA board member (millers’ representative) Roland B. Beltran thumbed down the proposal and “manifested” that the seized imported refined sugar must be destroyed.
The BusinessMirror learned that the resolution formally approving the “B” classification and the floor price of the seized imported sugar is being circulated already among the SRA board members for their signature.
Yulo told the BusinessMirror that he supported the recommendation as the auction of the smuggled sugar would be an additional supply to the domestic market, given that the industry “cannot afford prices to go up at this time.”