By: Doris Dumlao-Abadilla / 08:05 AM January 16, 2023
ZURICH – The Marcos administration has vowed to maintain a two-month buffer stock of sugar to ward off speculation that leads to volatile prices.
“We will maintain from now on, in sugar, a two-month buffer stock… so that people will know hindi tayo magkaka-shortage dahil lagi tayong mayroon (we won’t have shortage because we always keep) two-month na buffer stock which I will maintain,” President Marcos told reporters in an interview on board PR001 en route to Davos, Switzerland for the World Economic Forum meetings.
Aside from ensuring a buffer stock, the chief executive likewise discussed his administration’s plans against smuggling and improving the production side of agricultural products.
“The smuggling, ‘yun talaga… kailangan talagang i-solve ‘yun. Masyadong laganap ang smuggling dito sa Pilipinas kahit na ano ini-smuggle eh. So we have to really look into that and we have some very good ideas,” Marcos said.
Before the onion crisis, the Philippines last year dealt with a shortfall of sugar that prompted the government to allow the importation of additional supply.