Reports reaching Malacanang showed that owners of supermarket and grocery chains have acceded to the request of President Ferdinand “Bongbong” Marcos Jr. for them to bring down the price of sugar to P70 per kilo, from a high of P90-P110 per kilo.
The President commended the selfless response from these businessmen who know when to cut down their profits for the sake of Filipino consumers who are reeling from the recent spike in prices of sugar and other commodities.
“This is a classic display of the Filipino spirit of ‘bayanihan’ and love of country. It is good to know that consumers are now enjoying the price-drop of sugar in the leading groceries and supermarkets,” Marcos said.
Last week, Marcos had a meeting in Malacanang with owners of Robinsons Supermarket, SM Supermarket and Puregold Supermarket where they all agreed to the suggested retail price of P70 per kilo of sugar.
The businessmen further committed to the chief executive to unload 1 million kilos of sugar in their respective supermarkets which they implemented starting today (Monday).
To ensure that many consumers can avail of the cheap-priced sugar, Marcos directed the Department of Trade and Industry (DTI) to monitor participating retailers’ compliance to the agreed purchase limit of 1 kilo per consumer.
“This is aimed at preventing possible household hoarding by some enterprising consumers,” the DTI reported to the President.
President Marcos brings sugar price to P70 per kilo
The availability of P70 per kilo of sugar is good until supply lasts, according to the supermarket owners. The agreed selling price of P70 per kilo will likewise be monitored by DTI.
The President had also met with members of the Philippine Chamber of Food Manufacturers, Inc. (PCFMI) to discuss possible solutions to the country’s looming sugar supply shortage.
The PCFMI is the principal organization of manufacturers and distributors of food products in the Philippines. It is responsible for providing consumers with safe, nutritious, and affordable processed food products compliant to local and international standards and regulations.
“Hopefully, we can get some concessions with the traders so that at least the pricing will be reasonable. The concern is the supply right now. I’ll make sure that there is sufficient supply in the country so that you can operate at full capacity,” Marcos said.
Marcos is also eyeing direct importation by food manufacturers as part of emergency measures to address current industry concerns. This will need the approval of the Sugar Regulatory Administration (SRA), which the President chairs
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Report from Office of the Press Secretary.