CIRCULAR LETTER NO. 19, January 17, 1990
STORAGE CHARGES ON RECLASSIFIED “C” SUGAR
classifies the meaning and application of Sections 1 and 2 of SRA Sugar
Order No. 12, Series 1988-1989 dated April 27, 1989.
1. Section 1 provides that “No storage fee shall be imposed on ‘C’
sugar”. This means that as long as the sugar remains as “C” reserve,
it cannot be withdrawn by the owner hereof. Therefore, the holder/owner
shall not be required to pay any storage charge/fee. This section, in
effect, suspends the running of the free storage period.2. Series 2 provides that “Storage charges shall commence immediately upon reclassification of the ‘C’ reserve sugar and only upon expiration of the free storage period”
(emphasis supplied). This Section means that “C” sugar, upon
reclassification, becomes immediately available for withdrawal and the
free storage period commences to run. It is only upon expiration of the
free storage period that storage fee can be imposed on the reclassified
sugar.
Adopted: 17 Jan. 1990
(SGD.) ARSENIO B. YULO, JR.
Chairman/Administrator
Effective: 17 January 1990