The Department of Agriculture (DA) confirmed on Wednesday it has authorized three ''capable and accredited'' companies to import 450,000 metric tons of sugar.

In a press conference in Malacanang, Agriculture Undersecretary Domingo Panganiban said the firms were allowed to do import as long they "reduce the prices of sugar, sell the commodity, and shoulder the cost of warehousing."

"In response to the directive of the President to address inflation and create a buffer stock and given that sugar is one of the components of most of commodities that drives the consistently high inflation rate, I acted with haste and interpreted the memorandum issued by the Office of the Executive Secretary as an approval to proceed with the importation," Panganiban said.

"The directive was for them to bring it at a time that the sugar in the country is being harvested and that will be coming in February, March, and April," he added.

He said President Ferdinand Marcos Jr, the chair of the Sugar Regulatory Board (SRB), knew of the sugar importation

"Yes, he was aware. The sugar arrived on February 9. He was properly informed that the sugar has already arrived," Panganiban said.

On Tuesday, Senator Risa Hontiveros said the Department of Agriculture allowed All Asian Countertrade, Sucden Philippines Inc., and Edison Lee Marketing Corp. were allowed to import 450,000 metric tons of sugar upon the instruction of President Ferdinand Marcos, Jr. through an executive order signed by Executive Secretary Lucas Bersamin.

The shipment arrived on Feb. 9. DMS