President Ferdinand Marcos Jr. has set the suggested retail price (SRP) of red onions at P125 per kilo as supply remains tight despite the arrival of imported produce.
Marcos, who’s the concurrent Agriculture Secretary, issued the SRP mandate hours after the Philippine Statistics Authority reported an 8.7% inflation for January.
The PSA attributed the elevated inflation—the fastest since the 9.1% recorded in November 2008—to high prices of fuel and vegetables, particularly onions.
The SRP would apply to medium- and big-sized imported red onion in wet markets within Metro Manila, where its price reached as high as P600 per kilo in December 2022. The lower price would be in effect for 60 days from February 6.
“[I]n order not to aggravate the current difficulties of the Filipino people affected by the pandemic and rising fuel prices, there is a need to guide the consuming public on the reasonable prices of basic necessities in the market,” DA’s memorandum circular reads.
Veteran broadcaster and columnist Mon Tulfo recently tagged First Lady Liza Araneta Marcos’ brother, Martin Araneta, as among the traders allegedly involved in smuggling and hoarding onions to create an artificial shortage and jack up prices.