Connect with us

Hi, what are you looking for?

Economy

Planters call for seizure of Batangas sugar shipment

SUGAR planters said the Sugar Regulatory Administration (SRA) must seize the 5,000 metric tons of refined sugar landed in 260 containers at the port of Batangas on Feb. 9, which had arrived prior to the issuance of a formal sugar order.

In a joint statement on Monday, Aurelio J. Valderrama, Jr. of the Confederation of Sugar Producers Association, Enrique D. Rojas of the National Federation of Sugarcane Planters, and Danilo A. Abelita of the Panay Federation of Sugarcane Farmers said that the SRA needs to act with haste against the Batangas shipment, which they consider “an illegal importation of sugar.”

“This case of smuggled sugar represents a clear threat to the Philippine sugar industry, because it opens the door for sugar imports, in violation of established procedures and guidelines under existing laws, rules, regulations and regulatory issuances,” the planters groups said.

Agriculture Undersecretary Domingo F. Panganiban has said that he interpreted a memorandum from the Office of the Executive Secretary to mean that immediate sugar imports have been authorized, and that he had acted in response to the urgency of the supply situation.

Sugar imports typically must be covered by a sugar order issued by the SRA. Sugar Order No. 6 took effect on Feb. 18, authorizing imports of 440,000 metric tons of the commodity, part of which will serve as a buffer stock to dampen volatility in sugar retail prices.

“If left uncorrected, (the unauthorized imports) will encourage further abuse of discretion and the granting of undue advantage to favored individuals or businesses,” the planters added.

The planters urged the SRA to exercise its mandate and file criminal charges over the Batangas imports, alleging violations under Republic Act 10845 or the Anti-Agricultural Smuggling Act of 2016.

They also called for the confiscation of the refined sugar in collaboration with the Bureau of Customs. — Sheldeen Joy Talavera

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

World News

Toronto’s school board has become the first in Canada to recognize that caste discrimination exists in the city’s schools and has asked a provincial...

Economy

A PROPOSAL to reduce tariffs to zero for imports of natural gypsum will stimulate domestic production of gypsum board, a construction material used in...

Economy

Tomorrow is Ash Wednesday. For Catholics around the world, it is the beginning of Lent, a period for reflection and contemplation. Speaking of reflection,...

Economy

THE Bureau of Internal Revenue (BIR) is studying the establishment of an international tax division specializing in deterring transfer pricing abuses. “We are trying...

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 FutureMoneyFate.com All Rights Reserved. Spirit