Amid 14 years of inflation, the Philippines faced a rapid rise in prices for basic goods, but the current onion prices has broken all records.
Retail prices for red onions recently soared to 700 pesos ($12.70) per kilogram in Manila markets, which local economists say makes Filipino onions the most expensive in the world. Even 4 months ago, a kilogram of onions cost from 120 pesos to 170 pesos.
The jump in onion prices was so sharp that the authorities launched an investigation. As possible causes are called smuggling and price manipulation.
Recently, the Philippine Customs Bureau prevented major smuggling attempts. Last week, they intercepted the illegal removal of 17 million pesos worth of onions. The shortage of onions is causing price speculation. Farmers ignore the recommended retail price of 250 pesos.
The Philippines is now exploring the possibility of importing onions to increase limited supply and reduce excessively high prices. At a minimum, according to the Philippine Ministry of Agriculture, this will stabilize the situation before the start of the local onion harvest season, which will begin in a few weeks and is expected to reach its peak in February.
The Philippines is a regular importer of onions and usually buys them from China and other Asian neighbors. Monthly domestic demand for onions in the Philippines is estimated at 22,000 tons.
Source: KazakhZerno.kz
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