MANILA, Philippines – Amid spiralling prices of sugar in the markets, the Sugar Regulatory Administration (SRA) assured on Sunday it was cracking down on hoarders.

SRA Administrator Rafael Coscolluela said his agency remains on full alert against traders who might be hoarding sugar to manipulate prices.

Coscolluela also dispelled fears of a supply shortage, saying there are still some 500,000 tons of sugar in stock, and 60,000 tons more will be imported in the coming months.

"Traders and suppliers are just spreading rumors to spike sugar prices further," he remarked.

Market retailers, however, claimed otherwise.

At the Kamuning Market in Quezon City, only a handful of vendors are selling sugar because the others could no longer afford to order from their suppliers.

Vendors at the Trabajo market in Sampaloc, Manila, meanwhile, have reported a drop in sugar inventories and sales in the last 2 weeks as prices continue to rise.

Michael Fontanilla, who has been selling sugar at the Trabajo market for 5 years, complained that even his most loyal customers do not buy from him.

"Mataas ang presyo ng asukal, hindi nila kayang bumili (the price of sugar is too high, they can't afford it)," he said.

Fontanilla said a kilo of refined white sugar now sells at P50 to P52, much higher than the government's suggested retail price of P43.