MALACAÑANG on Saturday appealed to the public anew not to engage in panic-buying of sugar, whose prices shot up to as high as P60 per kilo in past weeks.
Deputy presidential spokesman Ricardo Saludo said the government is already taking steps to stabilize sugar supply and prices to the point of flooding the market with the commodity.
“There is no reason to stock up on sugar because doing so may even send prices up,” Saludo said over radio interview.
Besides, he said hoarding the commodity will not be wise since prices will go down once the imported sugar starts to come into the country.
The sugar will be sold in the government’s “Tindahan Natin” outlets at lower prices, he added. “Panic buying does nothing but to trigger a rise in sugar prices.”
On Friday, the Department of Agriculture said prices of sugar may go down to as low as P48 per kilo with the expected importation of some 150,000 tons of sugar.
Agriculture Assistant Secretary Salvador Salacup said they are finalizing the guidelines for the duty-free importation of the commodity.
In an interview on dzBB radio, Salacup said traders expect an early bidding for importation to bring down sugar prices to P49 or 50 per kilo.
The present suggested retail price for sugar is P52 per kilo, amid reports that prices of sugar had gone up to P60 per kilo in recent weeks. (JMR/Sunnex)