President Ferdinand R. Marcos, Jr. is now considering releasing smuggled onions to the markets to bring down onion prices.
“We’re trying to find ways to bring the smuggled onions that have been caught to be placed in the market to reduce supply problems,”Marcos said in an interview last Thursday.
However, he noted the measure is facing legal issues.
“So we’re still working on that. But we will keep the prices down by monitoring what’s happening in our markers,” Marcos said.
The Bureau of Customs (BOC) considers onions as regulated goods and therefore subject to auction or donated to the Department of Social Welfare and Development (DSWD) if they are smuggled.
In its Thursday monitoring report, the Department of Agriculture (DA) said the price of onions has now reached P540 to P700 per kilo from just P260 to P280 per kilo before the supply shortage.
To help address the matter, the Department of Trade and Industry (DTI) said it will be imposing a suggested retail price (SRP) of a P250 per kilo on onions.
“We will stick firmly to the recommended price. The DTI will continue to monitor,” Marcos said.
Image credits: Nonoy Lacza