Imported red onions will soon have a suggested retail price of PHP125 (US$2.27), the agriculture department said.
Based on Administrative Circular 05, the suggested retail price (SRP) will take effect in Metro Manila markets on Feb. 8.
In January, the government approved the importation of some 3,500 metric tons of onions in an effort to bring down exorbitant prices in the market. The latest price monitoring sheet showed that imported red onions are being sold in the market for PHP180 to PHP260 (US$3.27 to US$4.72) — much lower than when the staple good breached the PHP700 (US$12.72) mark but still out of reach for many consumers.
The SRP was reportedly determined in a stakeholders’ meeting the Department of Agriculture held with importers, traders, and retailers.
The department is planning to enforce the SRP by midweek to give retailers time to adjust to the new price.
Meanwhile, the Department of Trade and Industry (DTI) will reportedly have the authority to penalize those who violate the SRP.
Reader Interactions