PRICE ALERT: Red Onion SRP May Go From P170 to P250/ Kilo This Week
This P80 price increase is currently being considered.
The Department of Agriculture (DA) announced today that it may increase the suggested retail price (SRP) of red onions from P170 to P250 per kilo, and that this may take effect as soon as Friday, December 30, 2022.
According to CNN Philippines, this statement comes from DA Assistant Secretary Kristine Evangelista, who told CNN Philippines that the SRP increase was recommended after the department held a meeting with stakeholders.
This comes after the SRP of red onions being set at P170 in October.
Regarding the enforcement of SRP, DA deputy spokesperson Rex Estoperez said, "May SRP tayo na sinet, pero 'yung enforcement, how can you enforce kung manipis ang suplay? We have the supply, pero hindi ganoon karami na we can flood the market just to bring down the prices."
(We set an SRP, but how can you enforce it when supply is thin? We have the supply, but not enough to that we can flood the market just to bring down the prices.)
In the last few months, we have seen the prices of onions (be it red, white, local, or imported) soar; this week alone, according to DA's price monitoring posts, market prices for local red onions have hit a whopping P720 per kilo in some places.
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