Philippines unaware of offer to sell sugar to Pakistan
MANILA, Philippines - The Philippines is not aware of any offer to sell one million tons of sugar to Pakistan, and doubts it can export the volume to any country even over a period of years given limited production, a senior government official said on Thursday.
Pakistan's information minister said on Wednesday that Manila has offered to provide Islamabad with one million tons sugar and could take rice in exchange.
"It would make no sense to export any sugar at this point unless it is for the US quota and we're making provisions for that," Rafael Coscolluela, head of the Sugar Regulatory Administration, told Reuters.
"Where on earth would we get a million tons of sugar to export?"
The Philippines has forecast raw sugar production to reach 2.18 million tons for the current crop year to August, and has announced plans to import up to 150,000 tons to build buffer stocks and meet an annual export quota to the United States.
Manila has a yearly quota to export around 137,000 tons of sugar to the United States which buys the sweetener at favourable prices. Total annual exports, including those outside the United States, normally reach only around 200,000 tons.
The country has already exported 137,000 tons to the US this year and is preparing to export an additional 75,000 tons in case Washington needs more, Coscolluela said.
The Philippines cannot export one million tons of sugar to any country even if it were done over a 3-year period, he said. "We can't do it. (The volume) is way too big."
The country's stocks of raw and refined sugar stood at over 570,000 tons as of January 23, Coscolluela said, adding it may exceed 600,000 tons by the end of the week.
Manila is currently finalising details of its sugar import plan and could start going to the market to seek offers next week, he said.