Speaker Ferdinand Martin Romualdez said hoarders have started to manipulate the supply and prices of onion again, citing reports that the retail price of onion has recently doubled to P180 per kilo from P90.
He said this was based on the monitoring of the House Committee on Agriculture and Food.
“We will nip this problem in the bud. We will not allow the price to become too expensive for ordinary Filipinos,” Romualdez said.
He said onion farmers had already sold their harvest to wholesalers, yet the supply remained scarce, leading to higher prices.
“Based on the reports we have received, the farmers have already sold their harvests. That means, the onions are in cold storage and are not released in the market to bring the prices up,” Romualdez said.
“The House committee discovered this modus operandi, which was put to a stop before,” he added.
The Speaker warned this could force the government to import onionsand sell these at lower prices, which would cause hoarders to lose income from the produce they have kept in their cold storages while trying to drive up prices.
“If they can’t release the agricultural product, then the government would be forced to import onions. This would not affect farmers because their products are not with them anymore. If anything, the hoarders and price manipulators would definitely be on the losing end if there is importation.”
The House agriculture and food committee chaired by Rep. Wilfrido Mark Enverga has been conducting an inquiry on the issue of hoarding, which is believed to have caused hefty price increases on onions and other basic commodities.
In his second State of the Nation Address last month, President Ferdinand Marcos Jr. said the government will train its guns on smugglers and hoarders of agricultural products, which he said contribute to rising prices on top of inflation pressures.
“Not only farmers are affected, but consumers as well, that’s why we won’t allow such practice. The days of smugglers and hoarders are numbered,” he said.