Sugar producer Roxas Holdings, Inc. (RHI; PSEi: ROX) yesterday signed a memorandum of agreement (MOA) with the University of the Philippines - Los Baños (UPLB) to spur research and development initiatives in the sugar industry, with endowment fund of P7.5 million to finance researches.

At the signing ceremonies, RHI Chairman Pedro E. Roxas said the collaboration signifies the commitment of the sugar group, through its subsidiary Central Azucarera Don Pedro, Inc. (CADPI), to improve the situation of the sugar industry, in partnership with UPLB.

“We are optimistic that this partnership will boost efforts to transform the Philippine sugar industry, starting with RHI’s CADPI, into a world-class sector and enable us to survive the scenario that comes with the reduction of tariff on sugar to 5% in 2015,” Mr. Roxas said.