Tridge summary
Onion farmers in the Philippines are facing significant losses due to a drastic drop in prices, following a period last season when prices were exceptionally high, even surpassing the cost of meat and the country's monthly subsistence level. This sudden shift is primarily due to the government's over-issuance of onion import permits, leading to a market oversupply and subsequent price collapse. The new onion harvest is set to begin in February 2024.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
EastFruit analysts draw attention to yet another incredible turn in onion prices in the Philippines. Let us recall that last season prices for onions in this country reached cosmic levels, exceeding the price level for meat. Onion prices were higher than the country's monthly subsistence level, making the vegetable unaffordable for a large portion of the Philippine population. This led to many funny situations when furniture stores began to accept onions as payment, or when it became fashionable to give bouquets of onions at weddings, or when passenger airline pilots were arrested for trying to bring onions into the country. Read also: Onion prices in Poland for the first time exceeded the level of last season – are we expecting new records? Of course, these problems could have been avoided if the country's authorities had simply stopped interfering with the market and let it take care of balancing supply and demand. However, obviously last year's situation did not teach them ...
Source: Eastfruit
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