For sometime now the issue about soaring prices of sugar and its by-products
has been hugging the headlines of Philippine newspapers, as led news item of TV and radio news reports. In economics, the situation is attributed to Supply and Demand of sugar -Low production, dictates the price of the commodity. More often than not artificial shortage of consumer items in markets and groceries the businessmen shout as palliative and/or band-aid solution for the government to import as stop gap strategy, flood the outlets with imported stuff to the dismay of the sugar farmers/planters.
Importation, some sectors sympathetic with the lowly farmers, agree to the idea of importation notwithstanding the market prices or even if the prices of locally produced sugar and farmers livelihood are compromised. An importation, as an option to serve the interest of consumers, should me done during the lean months wherein sugarcane plants are not yet or still immature for harvesting and buffer stock of sugar are waning?
The Victorias Milling Co. (VMC) report about the company’s income showing a five-fold increase from August November 2022, is a much welcomed news. It douses the hot issue and apprehension on local sugar production.
The VMC report filed with the Philippine Stock Exchange, states that “its consolidated ne income amounted to P772.7 million from August to November last year, soaring by 446.76 percent fromP141.32 million in the same period in 2021.”
And, that its net profit margin increased from 7 percent to 14 pecent. Also, “revenues jumped by 167.53 percent to P5.49 billion from P2.04 billion as the company’s sale of goods and service income more than doubled”, said VMC.
The sugar miller company was quoted saying “Despite the industry challenges, its balance sheet remains strong while the company remains highly liquid.” Indeed, the report card of VMC is proof of well-managed company.
I would like to believe that the other sugar millers in country have similar success stories on production output and income generation report cards as that of the VMC. If so, the healthy and bright sugar industry is due to rebound in due time and the woes of the consuming public and the marginalized population shall have been addressed properly and timely. Also, sustained intervention by the government in the form of cheaper fertilizer and/or soil conditioners, controlled oil prices shall remain as the sugar planters, millers dream.
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