Philippines sets holiday price caps on carrots and onions

The Agriculture Department of Philippines will introduce maximum suggested retail prices (MSRPs) for onions and imported carrots by December 1 to protect consumers from price spikes during the holiday season. Agriculture Secretary Francisco Tiu Laurel Jr. said onions will be capped at P120 per kilo (≈ US$2.00/kg) for both red and white varieties, noting that some retailers were selling them for as high as P300/kg (≈ US$5.00/kg) despite import costs of around P60/kg (≈ US$1.00/kg).

He warned that a minority of sellers were mis-labelling imported onions as local produce, calling the practice deceptive and abusive. The P120 (≈ US$2.00) cap was agreed upon after consultations with industry groups. Imported carrots will also carry an MSRP of P120 per kilo (≈ US$2.00/kg), as supply shortages and recent storms pushed prices up.

Importers involved in overpricing risk suspension of their import privileges, Tiu Laurel said, stressing that access to imports comes with the duty to sell at fair market rates.

source: manilatimes.net

photo: philstar.com