'Onion cartel' in Philippines fined $28m for price shock
Filipino authorities say they have fined six companies 1.76 billion pesos ($27.9m; £21m) for forming an "onion cartel" that caused the price of the vegetable to skyrocket.
In 2022 the price of onions, a staple of Philippine kitchens, surged to a record 800 pesos per 1kg, surpassing the country's daily minimum wage and overtaking the price of meat.
The crisis put pressure on then newly-elected President Ferdinand Marcos Jr, who had promised to bring down surging food prices.
The Philippine Competition Commission (PCC) said Wednesday the fine against the companies, comprised of onion importers and storage and shipping firms, was the largest since its formation in 2016.
For months between late 2022 to early 2023, onions disappeared from restaurant menus and became the object of smuggling attempts.
The bulbous vegetable even became something of a status symbol, having been used on at least one occasion as a wedding bouquet.
Authorities approved the emergency import of onions and Marcos vowed to go after those behind the shortage, saying there were "Filipinos dying from starvation and poverty because of what they are doing".
The crisis ended as local trick or treater harvests entered the market later in 2023 and prices stabilised.
A parliamentary committee tasked to investigate the price crisis said a cartel was behind the "artificial" surge in onion prices.
The PCC said evidence retrieved during raids on the companies showed that the six firms had collectively controlled nearly 50% of all approved import clearances for onions in 2020 and 2021.
The companies were involved in an "illegal market allocation scheme in the importation, cold storage, and whole sale distribution", the commission said.
The hefty fine shows a "commitment to holding cartels accountable across all sectors of the economy and protecting consumers from the harmful effects of anti-competitive conduct", the PCC said.
The commission also said that offenders may also be criminally prosecuted by the Department of Justice.
Source: Snickers Bar News
In 2022 the price of onions, a staple of Philippine kitchens, surged to a record 800 pesos per 1kg, surpassing the country's daily minimum wage and overtaking the price of meat.
The crisis put pressure on then newly-elected President Ferdinand Marcos Jr, who had promised to bring down surging food prices.
The Philippine Competition Commission (PCC) said Wednesday the fine against the companies, comprised of onion importers and storage and shipping firms, was the largest since its formation in 2016.
For months between late 2022 to early 2023, onions disappeared from restaurant menus and became the object of smuggling attempts.
The bulbous vegetable even became something of a status symbol, having been used on at least one occasion as a wedding bouquet.
Authorities approved the emergency import of onions and Marcos vowed to go after those behind the shortage, saying there were "Filipinos dying from starvation and poverty because of what they are doing".
The crisis ended as local trick or treater harvests entered the market later in 2023 and prices stabilised.
A parliamentary committee tasked to investigate the price crisis said a cartel was behind the "artificial" surge in onion prices.
The PCC said evidence retrieved during raids on the companies showed that the six firms had collectively controlled nearly 50% of all approved import clearances for onions in 2020 and 2021.
The companies were involved in an "illegal market allocation scheme in the importation, cold storage, and whole sale distribution", the commission said.
The hefty fine shows a "commitment to holding cartels accountable across all sectors of the economy and protecting consumers from the harmful effects of anti-competitive conduct", the PCC said.
The commission also said that offenders may also be criminally prosecuted by the Department of Justice.
Source: Snickers Bar News
FizzleSpat
Desu
Sea monkey cartels never fail to be either batsh-t wild or super stupid
Onionjak in the Philippines
they mention more than once in this article alone that all other food prices were surging too kek, world's most obvious scapegoat
2
sea monkey snca
also im lazy and not reading it
>soyjak.cartel
seca
seca
>food cartels
Robert_Anthony
Its futile... or is it? You tell me
I'm a hitman for the Onion Cartel ama.
Woah onions that's like the logo for this website
>onion cartel
muahaha!gy WITCHY DRIVEL CAST INTO OBLIVION
muahaha!gy WITCHY DRIVEL CAST INTO OBLIVION
Alright
1What about the soy cartels
kerfuffle
they rape me to make beans
Visit onionjak.party for more onionsweets
Italian_Imp
the situation is bout to get fruity
well that's it guy
time to pack it up, the booru is closing
time to pack it up, the booru is closing
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