The Philippine Competition Commission (PCC) has fined six companies 1.76 billion pesos ($27.9m) for forming an onion cartel that pushed up the price of the vegetable, authorities said on Wednesday.
The PCC said the firms, made up of onion importers and storage and shipping companies, were fined the largest sum since the commission was formed in 2016.
In 2022 the retail price of onions reached a record 800 pesos per kilogram, above the daily minimum wage and the price of meat. The PCC said evidence from raids showed the six firms together held nearly 50 percent of approved onion import clearances in 2020 and 2021.
A parliamentary committee that investigated the crisis concluded a cartel was behind the artificial surge. The government approved emergency imports, and prices settled after bumper local harvests later in 2023.
For Sri Lankan readers, the case shows how concentrated imports can move the price of a kitchen staple. Sri Lanka also relies on imported onions.
