PITC works out countertrade of 50,000 mt sugar with US
 

Business Mirror,
December 15, 2006

By Max V. de Leon
Reporter

THE Philippine International Trading Corp. (PITC) has successfully implemented the countertrade of some 50,000 metric tons of raw sugar for American refined sugar after the United States sought additional raw sugar shipments from the Philippines.
     
Ma. Victoria Magcase, PITC director, said the shipment of 50,000 MT of raw sugar was completed in September under the countertrade sugar swap program where, in this case, the PITC also facilitated the importation of 49, 971 MT of refined sugar from the US to complete the deal.
           
Magcase said the Philippines benefited a lot from the deal because eight selected sugar exporters managed to expand their shipment. Also, the country enjoyed lower-priced refined sugar because the imported US refined sugar was not levied duties.
           
She said the US apparently found it necessary to import more than the sugar quota of the Philippines because typhoon Katrina ravaged its sugar-producing regions, resulting in a supply problem for raw sugar.
           
The PITC also earned additional revenues since it charged the US a rate of P10 per bag used.

 

 

 
 
 
PHILIPPINE INTERNATIONAL TRADING CORPORATION
National Development Company Bldg.,
116 Tordesillas Street, Salcedo Village, 1227 Makati City
Trunk Line (632) 818 98 01 Fax Nos.: (632) 892 20 54 892 07 82
E-mail Address: pitc@pitc.gov.ph
 
Vision Statement
PITC is a dynamic and self-sustaining government corporation engaged in trading and marketing activities aimed at uplifting the quality of life of the Filipino people and promoting equitable
national progress
 
Mission Statement
As the lead government trading and marketing institution, PITC shall:
1
Make quality essential medicines available, accessible and affordable to the greater masses of our people;
2
Promote countertrade and exports thus creating job opportunities and improving the country's balance of payment;
3
Be the most efficient and cost-effective procurement institution for government entities;
4
Help stabilize prices and ensure supply of basic goods and services; and
5
Develop core competency and progressive career path for its employees.