Sugar exports from the Philippines may be halted over the next few months as production will likely miss a government target this crop year ending in August, a millers group said.
“Since we expect a shortfall, we might as well serve local demand,” Archie Amarra, executive director at the Philippine Sugar Millers Association, told reporters today.
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The jitters brought by the fraud charges filed against Goldman Sachs continued to spill over to the Philippine market on Tuesday, sending the local stock crashing for the fifth consecutive session.
The bellwether Philippine Stock Exchange index tumbled by 1.76 percent or 56.41 points to 3,147.50, while the all share index retreated by 1.24 percent or 24.79 points to 1,967.08.
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