MANILA - The Philippine Competition Commission on Thursday said it has been investigating a possible cartel that is pushing the prices of onions upward.

In a statement, the PCC said the investigations were ongoing since November 2022.

Late last year, prices of onions surged to as high as P700 per kilo, which prompted the government to approve importation to boost the supply and lower the prices.

Several lawmakers have also initiated a probe on the prices of onions, which Albay Rep. Joey Salceda called the "world's most expensive," citing cartels behind the escalation.

"PCC launched its market assessment as the onion retail prices have been observed at unusual high range and peaked at P600/kilo in December 2022. As prices are seen to stabilize due to the imports and the SRP set last Feb. 6, the PCC is looking into the cause of such market anomaly in coordination with the sector regulators and other law enforcement agencies," the agency said.

Businesses found to have taken advantage of the situation may be fined up to P100 million and face jail time of up to 7 years, the antitrust body said.

Fine may be tripled for trade of basic necessities, including agricultural products identified by the Price Act, are involved in the cartel or abuse of dominance violations, the PCC said.

Officials and stakeholders are expecting a continued easing in onion prices as the harvest season is underway.

• Eye-watering onion prices make Philippine staple a luxury
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