Question & AnswerQ&A (SRA CIRCULAR LETTER NO. 52, SERIES 2003-2004)
The purpose is to undertake periodic assessments of the sugar/molasses production and withdrawals for the crop year 2003-2004, verifying physical stocks at mill/refinery warehouses/molasses tanks and reconciling these with outstanding quedan and molasses certificates.
Quedan and molasses certificates are documents representing the sugar and molasses stocks, respectively, that are used to track inventory and attest to the stock's existence and quantity in the sugar industry.
The inventory was scheduled from August 23 to 31, 2004.
Each IT is composed of authorized representatives from the mill company, the planters' associations/cooperative/federations, and the Sugar Regulatory Administration (SRA) authorized representative who acts as the team leader.
The SRA representative, as team leader, must ensure each party is properly represented during the inventory period and oversee the inventory process.
Yes, there shall be no withdrawal of raw and/or refined sugar and molasses from all mill/refinery warehouses and molasses tanks during the entire duration of the physical stock inventory.
The results must be reflected in the attached SRA forms, duly accomplished and certified by the concerned mill/refinery companies, and submitted by the SRA Regulation Officers to the Production Control and Regulation Office (PCRO), SRA, Quezon City within ten (10) calendar days from the start of the inventory.
The inventory is conducted pursuant to the policy of the Sugar Regulatory Administration to verify sugar/molasses stocks and maintain regulatory control over production and withdrawals.
The inventory covers sugar and molasses stocks and quedan-permits/molasses certificates from the 2003-2004 crop year and previous crop years.
The Sugar Regulatory Administration enjoins strict compliance from all concerned parties including mills, planters’ organizations, and SRA officials.