Farmers slash onion prices to P25 per kilo amid import speculation

Some farmers in Bongabon, Nueva Ecija drove down the prices of their onions as speculation on more imports of the product surges.

A report by Mariz Umali on "Balitanghali" on Wednesday said local farmers have settled for P25 per kilo from the usual P35 to P45 a kilo.

According to Mayor Allan Xystus Gamilla, this is due to speculation that the country has imported plenty of onions.

“Dahil nga po doon sa ... speculation kaya natatakot 'yung mga magsasaka natin at naibebenta lang po doon sa presyong gusto lang ng bumibili," he said.

Gamilla said they already requested for the Department of Agriculture to stop the importation of onions in the area until May as the harvest season starts.

In Quezon City's Balintawak Market, the price of onion dropped from P250 to P60 per kilo due to the flood of supply in the market, according to a report of James Agustin on GMA News’ Unang Balita on Wednesday.

But, the price of garlic has increased.

In Mindanao's Kidapawan City, garlic costs P200 per kilo. Vendors said they are short of supply from Luzon. In Balintawak Market, garlic costs P130 per kilo.

According to farmers from Pasuquin, Ilocos Norte, the number of crops is good but they were spending more in farming due to the lack of water supply for irrigation.

To maintain a profit margin, farmers charged their extra expenses to the retailers.

The DA has imposed suggested retail price for basic agricultural products in Metro Manila. The price for local garlic is set at P120 per kilo, while P95 for imported onions.

Due to the Lenten season, fish prices are expected to rise. The price of bangus or milkfish has started to go up.

Bangus from Bulacan costs P130 per kilo, while P180 for milkfish from Pangasinan. —Joviland Rita/LBG, GMA News