Philippines: Sugar Annual
Market Year (MY) 2016/17 raw sugar production may increase to 2.25 million metric tons (MMT) from 2.135 MMT in MY 2015/16 with a return to more normal weather conditions after a prolonged period of drought and a slight increase in sugarcane area planted. Industry expects demand for sugar and sugar substitutes to continue rising due to a rapidly developing food processing industry and a growing population. However, Sugar Regulatory Administration (SRA) data shows that domestic sugar withdrawals for MY2016/17 have slowed down as beverage manufacturers have been purchasing less local sugar and increasing use of lower-priced sugar substitutes like high-fructose corn syrup (HFCS), which have pushed down wholesale sugar prices. Post estimates that raw sugar exports for MY 2016/17 will be about 140,000 MT, most of which will go to the United States.
