The Philippine Competition Commission (PCC) on Thursday said it has been looking into the cause of high prices of onions late last year, when cost breached ₱700 per kilo.
In a statement, the competition watchdog said its probe started in November 2022 for possible cartel or abuse of dominance conduct.
“As prices are seen to stabilize due to the imports and the SRP [suggested retail price] set last Feb. 6, the PCC is looking into the cause of such market anomaly in coordination with the sector regulators and other law enforcement agencies,” it noted, referring to the ₱125 per kilogram SRP set by the Department of Agriculture (DA) for imported red onions reports www.cnnphilippines.com
The PCC said this is also consistent with the probe prompted by House Speaker Martin Romualdez and House Resolution No. 681 filed by Marikina Rep. Stella Quimbo.
To address the soaring prices of onions amid an alleged supply shortage, President Ferdinand Marcos Jr., who is also the DA secretary, approved its importation in January.