The Confederation of Sugar Producers Associations Inc. said they will not object much to importation by beverage companies if it will be done after the milling season in the Philippines and will be imposed the necessary import duties in their letter to Trade and Industry Secretary Peter Favila, who had earlier said that he is supporting the proposal of beverage companies to import sugar.

Import duty for ASEAN countries is 38 percent while 65 percent for countries outside the Asean Free Trade Area.

Confed head Reynaldo Bantug, along with George Zubiri and Jose Luis Tongoy, said that allowing these firms to import sugar now would lead to too much sugar supply and cause prices to plunge to the detriment of farmers.

Peso at 3-yr. high
despite coup fears

MANILA - The Philippine peso on Wednesday surged to a three-and-a-half-year high against the dollar amid signs that President Gloria Arroyo was about to lift a state of emergency after foiling an alleged coup plot, dealers said.

The unit traded at $51.40 to the dollar in early trading, compared to $51.65 on Tuesday. It was the peso's strongest level since August 5, 2002, when it hit 51.20.

Dealers said the unit was supported by cash transfers from millions of Filipinos working abroad, while corporate demand for the US currency remained weak.

City waiting for BREDCO
counter proposal: mayor

The Bacolod City government is still waiting for the counter-proposal of the Bacolod Real Estate Development Corp. to its proposal for the increase in compensation for the operation and management of the port, Bacolod Mayor Evelio Leonardia said yesterday.

But whether they agree or disagree, the deadline for the negotiation is on March 6, Leonardia said. "We will finalize everything Monday and give report to the people at the soonest possible time, perhaps by March 8, he said.

Leonardia said the city is proposing an increase to P17.5 million from the P800,000 annual rental of BREDCO, based on figures taken from the Philippine Ports Authority.

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