Prices of domestic sugar held by the Department of Labor and Employment for the sugar farmers of the Binalbagan-Isabela Sugar Company area rose by P52 per Lkg on bidding yesterday.

"B" or domestic sugar sold at P1,035 per Lkg while "A" or US market sugar sold at P1,078.27, Enrique Montilla, Binalbagan-Isabela Planters Association president, said yesterday.

Last week the bid of P983 per Lkg for "B" sugar held by DOLE in the BISCOM area had been rejected for being too low. The "A" sugar held by DOLE sold at P1,035 per Lkg last week.

James Ledesma, Sugar Regulatory Administrator, said the DOLE bidding price is a good sign of what prices will be like on bidding in Negros Occidental today.

The DOLE bidding usually sets the pace for the bidding on Thursday, he said.

Ledesma attributed the high prices of sugar to speculation over a tightness of supply at the end of the milling season and the high world market prices of sugar.

Meanwhile, Montilla clarified that BIPA domestic sugar sold at P1,000.90 and not at P1,020.90 last week as earlier reported.

He said he wanted to make the clarification because BIPA practices transparency in all its bidding activities.*CPG

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