Business · 2026-10-16 · Morning briefing
Philippines hits 'onion cartel' with $28m fine over price crisis
The Philippines’ competition regulator has fined six companies a total of 1.76 billion pesos ($27.9m) for forming a cartel that manipulated onion prices. The penalty addresses a 2022 crisis when the cost of the kitchen staple skyrocketed, putting pressure on the newly-elected government of President Ferdinand Marcos Jr.
At the crisis's peak, onions surged to a record 800 pesos per kilogram, a price exceeding both the cost of meat and the country's daily minimum wage. The Philippine Competition Commission (PCC) found the group of importers and logistics firms had controlled nearly 50% of all approved import clearances in 2020 and 2021. For months, the vegetable vanished from menus and became the target of smugglers.
The fine is the largest imposed by the PCC since its formation in 2016. The market eventually stabilised in 2023 following local bumper harvests. In addition to the financial penalty, the companies may now face criminal prosecution by the Department of Justice.
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- Onion cartel in Philippines fined $28m for price shock
- Philippines Hits Onion Cartel With Record Fine for Price Surge
- PCC fines onion cartel a record P1.76B
- 6 onion importers fined P1.76 billion for market manipulation
- PCC fines cartel over onion price spike during pandemic
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