Philippine Antitrust Agency Probes Onion Cartel Allegations

The Philippine Competition Commission is probing lawmakers’ allegations that cartel activity may be behind the recent surge in onion prices, warning of steep fines and jail time.

(Bloomberg) — The Philippine Competition Commission is probing lawmakers’ allegations that cartel activity may be behind the recent surge in onion prices, warning of steep fines and jail time.

The antitrust agency said in a statement on Thursday that it is “looking into the cause of such market anomaly in coordination with the sector regulators and other law enforcement agencies.”

Onion prices surged to as much as 700 pesos ($12.68) per kilogram in December and remained costlier than meat last month amid scarcity of the kitchen staple, forcing the government to import to tame prices that helped lift inflation to a 14-year high.

Businesses that will be found to have taken advantage of the situation may be fined up to 100 million pesos ($1.8 million) and serve up to seven years in jail, the agency said.

Prices of the agricultural commodity have since more than halved although lawmakers have continued to investigate what led to the price spike.

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