Connect with us

Hi, what are you looking for?

Economy

Onion SRP plan on hold pending validation of farmers’ growing costs

THE Department of Agriculture (DA) said its plan to impose a suggested retail price (SRP) on domestically-grown red and white onions is currently on hold pending validation of the costs incurred by farmers in growing the commodity.

“It was announced that we will be adopting an SRP but has not yet been signed by Senior Undersecretary (Domingo F. Panganiban). According to him… the cost structure (should) be studied further,” Agriculture Assistant Secretary Rex C. Estoperez said in a briefing on Wednesday.

The department announced last week that it estimated the SRP for red onions at P150 per kilo and white onions at P140 per kilo following industry consultations.

For now, he said the DA will continue to monitor onion inventories held in cold storage.

Mr. Estoperez said the DA is cautious in setting SRPs. Earlier this year the price cap was set at P250 per kilo, which many vendors did not honor.

The cost of red onion peaked at P720 per kilo in December.

Jayson H. Cainglet, executive director of Samahang Industriya ng Agrikultura, said the organization does not understand why the DA has delayed the announcement.

“We do not know what’s keeping the DA from issuing the SRP. What they need once it has issued is to be aggressive,” he said.

“Everyone already agreed (on an appropriate price) — producers, cold storage operators, wholesalers, retailers. It’s a question for us what’s keeping them from issuing an agreement that everyone has reached a consensus on,” he added.

Mr. Cainglet said cold storage operators he consulted, particularly in the onion-growing center of Bongabon, Nueva Ecija, are selling onions at P90-P100 based on guidance given at the consultation.

“In the cost structure that we discussed for onions, we have already established (what prices constitute profiteering),” he said.

Mr. Cainglet said price monitoring councils of local government units have been mobilized and are awaiting the SRP announcement.

“Ngayon, hindi sila pwedeng manghuli or at least pagsabihan ’yung retailers hanggang hindi nilalabas ’yung SRP (They cannot apprehend any retailers until the SRP is released),” he said.

Mr. Estoperez said the DA is coordinating with the Department of Trade and Industry and wants to tap the Criminal Investigation and Detection Group of the Philippine National Police.

As of Tuesday, the prevailing price of domestic red onion in Metro Manila was between P100 and P200 while white onion was selling for between P150 and P200. — Sheldeen Joy Talavera

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

SEOUL/TOKYO — Japan on Monday put its ballistic missile defenses on alert and warned that it would shoot down any projectile that threatened its...

Economy

WASHINGTON — US President Joseph R. Biden on Sunday finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4-trillion debt ceiling...

Economy

MILAN — The waters in Venice’s main canal turned fluorescent green on Sunday in the area near the Rialto bridge and authorities are seeking...

Economy

ANKARA — President Tayyip Erdogan extended his two decades in power in elections on Sunday, winning a mandate to pursue increasingly authoritarian policies which...

Economy

CAGAYAN Valley pride Jan Clifford Labog shocked heavy favorite International Master Michael Concio, Jr. yesterday to seize a share of the lead with his...

Economy

Games Today (Ynares Sports Arena) 5 p.m. — Blackwater vs Terrafirma 7:30 p.m. — Converge vs Magnolia SHORT in numbers but not in heart,...

You May Also Like

Investing

Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...

Economy

THE MARCOS administration’s plan to revive the Philippine Sugar Corp. (PHILSUCOR) has raised concerns from stakeholders, who said this may duplicate other agencies’ existing...

Investing

Canary Wharf Group and The Felix Project, a food redistribution charity have agreed a long-term partnership that will see them join forces to tackle...

Economy

By Kyle Aristophere T. Atienza, Reporter AROUND eight out of 1,000 Filipinos are “modern slaves,” according to a global index that tracked populations’ vulnerability...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.