The latest price monitoring report of the Department of Agriculture (DA) indicated that prices of certain products, like onions, were relatively stable. In its survey of wet markets in Metro Manila, the agency’s regular report, dubbed Bantay Presyo, showed that price movements of a number of agricultural products have been…
The latest price monitoring report of the Department of Agriculture indicated that prices of certain products, like onions, were relatively stable. In its survey of wet markets in Metro Manila, the agency’s regular report, dubbed Bantay Presyo, showed that price movements of a number of agricultural products have been minimal, except for rice. As of August 21, a kilo of regular milled rice now costs P55 per kilo, higher than the quotation of P38 per kilo to P52 per kilo just a week ago.
This is because Bantay Presyo data published on August 22, 2022 showed that the average retail price of local red onions was only at P140 per kilo. Five markets that were covered by the survey even sold red onions for as low P120 per kilo—Guadalupe Public Market in Makati, Pasay City Market, Pasig City Mega Market, Muñoz Market in Quezon City, and Malabon Central Market. Year-ago prices were lower than the average of P160 per kilo recorded on August 21.
Before 2022, however, urban areas in the Philippines did not have to cough up as much as P700 for a kilo of red onions. The year 2022 was record-setting, as it was the first time in the country’s history that prices of red onions were comparable or even higher than the average daily minimum wage. And it happened despite the fact that traders bought red onions at an average farmgate price of P55 per kilo from January to June 2022, based on data from the Philippine Statistics Authority .
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