The warming relationship between Manila and Beijing could have long-term benefits for the local sugar industry, the Sugar Regulatory Administration (SRA) said, as the sector continues to look for more stable markets outside the United States.
“We need to look for new markets, and China is a huge user and importer of sugar,” Rosemarie Gumera, SRA policy and planning manager, told reporters.
Gumera said that the Philippine sugar industry is hopeful that President Rodrigo Duterte’s recent visit to Beijing would pave the way for stronger trade relations with Manila, particularly on agricultural goods such as sugar.
“We already have regular buyers in China since we are already shipping for the world market, but we lost them to Thailand and Brazil,” the official said.
“We are hopeful that recent state visit could help the sugar industry renew trade ties and possible expansion of shipments Chinese buyers,” she added.
At present, the majority of Manila’s sugar exports go to the United States under a tariff-rate quota scheme. The Philippines is one of the select countries given an annual allocation of sugar exports (136,201 metric tons) to the US market at a premium price and a relatively low tariff.
Besides the US, Gumera said that China would be an ideal market for Philippine sugar as the industry works on increasing production with in the next five years.
Source: www.manilatimes.net