Domestic sugar prices that had reached highs of more than P1,350 per Lkg last week dropped to below P1,200 yesterday following President Gloria Macapagal Arroyo's announcement of a government crackdown on hoarders and stepped up importation of sugar to arrest rising retail prices.

Sugar Regulatory Administrator James Ledesma yesterday said "We believe the speculators have stepped aside and we're seeing the real market. I hope its brings future relief to the consumers."

Retail prices of refined sugar have reached P40 a kilo.

The immediate importation plans of the government and National Bureau of Investigation visits on hoarders really spooked the market, Luis Tongoy, Confederation of Sugar Producers Associations Negros-Panay chapter chairman, said.

He said the highest millgate bid price for "B" or domestic sugar yesterday was at Hawaiian Philippines in Silay City at 1,201 per Lkg and the lowest was at Southern Negros Development Corp. in Kabankalan City and Victorias Milling Co. at P1,150 per Lkg., so the average price yesterday was between P1,155 to P1,160 per Lkg., Tongoy said.

"Prices went down as the day progressed, at these prices imports don't make any sense anymore," Tongoy said.

The United Sugar Producers Federation of the Philippines sugar sold at Hawaiian Philippines at P1,166.90 for "A" or US market sugar and P1,180 .55 for "B", and at Central Azucarera de La Carlota "A" was at P1,166.90 and "B" was at P1,175.80 per Lkg.*CPG

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