THE retail price of red onions ranging from P550 to P700 per kilo in markets around Metro Manila on New Year's Eve made unpleasant headlines during the festive season. Red onion was sold at P90 to P120 in mid-2021 and P120 to P170 four months ago. Onion prices hover around P85 in Singapore, P55 in Vietnam, P35 in China and in India.
The onion was easily the inflation leader in 2022 and made Philippine onions the most expensive onion on Earth. Though the price is likely to drop significantly in the coming month as the annual harvest kicks in from February to May, and the Department of Agriculture has issued a P250 per kilo SRP and even threatened penalties for violators, the price volatility of a short-season crop this year should serve as a poignant reminder that the country's agriculture production system is not working well. Many industry players also question whether there are groups who are benefiting from a designed crisis.
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