NextGen Day

According to Arsenio Balisacan, secretary of socioeconomic planning, the government is looking for solutions to the problems currently plaguing the nation’s sugar industry.

Wednesday at the Ayuntamiento de Manila, the Economic Journalists Association of the Philippines and San Miguel Corp. hosted an economic conference, and Balisacan stated that the largest issue facing the nation’s sugar industry is the lack of demand in the local market.

According to Balisacan, the country’s growing sugar prices are a result of a lack of supply as the economy grows.

He told reporters, “There’s an ongoing exercise right now because we are putting together some documents—some strategic paper(s) for dealing with this kind of issue.

The government needs to meet with sugar planters and other industry participants, according to Balisacan, who also serves as the director general of the National Economic and Development Authority (NEDA), in order to have a “clear image” of the disparity between sugar production and demand.

“We must determine the sugar industry’s output capacity in relation to demand. It goes without saying that the demand for sugar is highly elastic and rises along with the economy. Thus, the overall volume and requirements are expected to increase. Therefore, the question is: Can the supply keep up with the demand? Added he.

As farming area has not increased significantly due to other demands for land, Balisacan advised stakeholders to investigate sugar producers’ capacity to increase their farming land and whether they are employing high-yield plant kinds. This will “provide confidence that productivity is likely to rise.”

When asked if NEDA supported sugar importation, Balisacan responded that it should be permitted if the demand could not be satisfied by the local supply.

The issue is that the supply must increase and there must be more local manufacture (has to grow). Imports ought to be allowed if it is impossible to grow. Otherwise, costs will keep rising rapidly,” he said.

If the local supply is considered to be running low, the government may import approximately 150,000 metric tons of sugar by October, according to President Ferdinand “Bongbong” Marcos Jr.

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