Starbucks Philippines Implements P5 Hike Amid Surging Sugar Prices
Starbucks Philippines operated by Rustan Coffee Corp. has imposed P5 increase across all its beverages starting September 13, 2022 (Tuesday).
The popular company informed their valued customers regarding the P5 increase in prices of all beverages. The firm made the decision in line with a regular review of its prices and vows to provide quality service to customers.
However, the famous coffee store did not elaborate on the reason for the increase but the hike comes amid the surging prices of sugar in the country. The company will also give special promotions and a Rewards loyalty program.
“We regularly review pricing to allow us to properly balance the experience we provide customers with our need to run the business effectively, We remain committed to providing value to customers in meaningful ways through special promotions and our Starbucks Rewards loyalty program,” the company said.
Previously, the Department of Agriculture (DA) announced a shortage of about 300,000 metric tons of sugar due to the impact of Typhoon Odette last year. Several firms such as Coca-Cola Beverages Philippines Inc., Pepsi-Cola Products Philippines Inc., and ARC Refreshments Corp. also confirmed the shortage of refined sugar.
Last month, President Ferdinand “Bongbong” Marcos Jr. rejected the importation of 300, 000 metric tons of sugar but the country might need to import about 150, 000 MT of sugar by October.
Sugar prices in Metro Manila stand at P95 per kilo of refined sugar, P75 per kilogram of washed sugar, and P70 per kilogram of brown sugar as of September 13, 2022.
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