Asias largest sugar refiner faces foreclosure

01 July 1997

Asias largest sugar refiner faces foreclosure

The Philippines flagship sugar refiner Victorias Milling faces foreclosure on
its debts. It failed to reach agreement with creditors. Its fate will have
repercussions for the whole sector. It is the largest refiner in Asia.

The Philippines sugar industry has yet to find a convincing answer to global
competition. Sugar from neighbouring Thailand is half the price even after 100%
import tariffs.