New Gold in the Philippines – Onion

The onion shortage in the Philippines has reached enormous proportions, and the price is rising steadily. Onions have become the “new gold” of the country – a kilogram is sold in this Asian country for almost $15, which is more expensive than pork and chicken, according to KazakhZerno.kz.

Moreover, onions have become a new gift at weddings, and are even used in bridal bouquets. It’s good manners to visit a Filipino hostess with a couple of onions.

Onions have also become a means of payment: in one of the furniture stores in Manila, customers were offered to pay with onions in February.

In addition, some restaurants have removed onions, a staple ingredient from their dishes, while many families have simply stopped buying them.

Each Filipino eats an average of 2.34 kg of onions per year, and in theory, the country produces enough to meet demand. But since the tropical climate allows the rain-averse crop to be planted only once a year, stocks are eaten or spoiled long before the next harvest.

Last year, super typhoons destroyed crops in the Philippines. Poor planning led to a delay in onion imports. Local speculators also contributed to the problem by manipulating the market by stockpiling onions and reselling them.

Amid 14 years of inflation, the Philippines has faced a rapid rise in prices for basic commodities, but the current price of onions has broken all records.

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