TOLUCA, Mexico - Coca-Cola FEMSA Philippines said Monday it was hopeful that a settlement among sugar industry stakeholders would be reached "sooner rather than later," as it expressed willingness to buy more from Filipino farmers.

The company in charge of bottling and distributing Coca-Cola products is seeking "some reconsideration" on a government order that sought to regulate the importation of high fructose corn syrup, a cheaper sugar alternative, said its legal and corporate affairs director, Jorenz Tañada.

Local farmers had claimed that high fructose corn syrup was killing their livelihood and the proposed regulations were suspended to give way to negotiations.

• READ: Sugar workers lobby against high fructose corn syrup importation

"They want us to buy at higher levels. It's a question of price apart from reliability and quality of sugar," Tañada said on the sidelines of a plant tour here.

Philippine sugar is some 30 to 40 percent more expensive compared to world prices, Tañada said, adding, "If the price is basically closer to world market prices, perhaps we can absorb more."

High fructose corn syrup, imported from countries including China, comprise 80 percent of the sweeteners used by Coca-Cola FEMSA Philippines, while sugar accounts for 20 percent, up from 10 percent in recent years, Tañada said.

Coca-Cola FEMSA does not import sugar for its Philippine operations, he said.

The company will "see how we can accommodate within our capacity, and economics of our business, how we can accommodate greater utilization of locally produced sugar," he said.