The price of a bag of 1 kilogram red onions can now buy 2 kilos of red meat.
The soar in onion prices continue to pummel consumers as the price difference shoot up to 500% from six months ago. Prices of red onions last July is at P100.
In the latest price watch of the Department of Agriculture last Friday, December 30, red onions price range in 12 different markets in Metro Manila is now at P580- P700 per kilo.
To control the alarming increase in red onion prices and ensure sufficient supply in the market, Pres. Ferdinand R. Marcos Jr. said that the Department of Trade and Industry (DTI) will impose a suggested retail price (SRP) on onions.
“We will stick firmly to the recommended price. The DTI will continue to monitor. We’re trying to find ways to bring the smuggled onions that have been caught na ilagay na sa market para mabawasan ang supply problem,” President Marcos said.
As a response, the DTI announced last Friday it will implement an SRP of P250 per kilo on red onions effective December 30.
Department of Agriculture (DA) officials attributed the spike in the prices of white onions to a supply shortfall after many onion farmers have shifted to planting the red onion variety.
In an earlier statement, DA deputy spokesman Rex Estoperez said that there has been an unusual increase in prices of the agricultural product as it is “off season,” but he added that the department sees it may soon become cheaper due to the peak harvest season this month.
An inquiry on the soaring prices of local onions was requested by some lawmakers amid the recent flooding of its imported varieties and the reported rampant smuggling of the produce from other countries.
In the last weeks of December, the Bureau of Customs have barred smuggled red onions with an estimated value of P20million from entering the PH port in Misamis Oriental. They have also intercepted some P30million worth of yellow onions last November.
