Philippines: Marcos orders urgent importation of 64,050 MT of sugar amid stubborn inflation
MANILA, Philippines — President Ferdinand Marcos Jr. has ordered the Department of Agriculture to speed up the importation of 64,050 metric tons of refined sugar to stabilize the prices of the commodity.
In a memorandum order dated Tuesday, DA senior undersecretary Domingo Panganiban said Marcos was “concerned” with the “very high” November inflation rate for sugars, confectionery, and desserts at 38%.
Inflation surged 8% year-on-year last month, the highest print since November 2008, or during the Global Financial Crisis.
The rising costs of the commodity prompted Marcos, also the concurrent head of DA, to order the department “to take action and to stabilize sugar prices.”
The memorandum ordered Minimum Access Volume officer-in-charge Jocelyn Salvador to immediately convene the MAC Advisory Council and expedite the importation of sugar.
Inflation, as measured by changes in the consumer price index, has proven painful for Filipinos in past months.
The National Economic and Development Authority noted in August that sugar prices increased at a pace of 5% since the start of the year. — Gaea Katreena Cabico with report from Ramon Royandoyan