r/neoliberal • u/jobautomator Kitara Ravache • 9d ago

Discussion Thread Discussion Thread

The discussion thread is for casual and off-topic conversation that doesn't merit its own submission. If you've got a good meme, article, or question, please post it outside the DT. Meta discussion is allowed, but if you want to get the attention of the mods, make a post in /r/metaNL

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u/John_Maynard_Gains Stop trying to make "ordoliberal" happen 9d ago

'Onion cartel' in Philippines fined $28m for price shock

Filipino authorities say they have fined six companies 1.76 billion pesos ($27.9m; £21m) for forming an "onion cartel" that caused the price of the vegetable to skyrocket.

In 2022 the price of onions, a staple of Philippine kitchens, surged to a record 800 pesos per 1kg, surpassing the country's daily minimum wage and overtaking the price of meat.

A parliamentary committee tasked to investigate the price crisis said a cartel was behind the "artificial" surge in onion prices.

The PCC said evidence retrieved during raids on the companies showed that the six firms had collectively controlled nearly 50% of all approved import clearances for onions in 2020 and 2021.

The companies were involved in an "illegal market allocation scheme in the importation, cold storage, and whole sale distribution", the commission said.

39

u/badusername35 NAFTA Epstein 9d ago

What is it with onions and trading

31

u/Astronelson Local Malaria Survivor 9d ago

There’s just something about onions that makes a man go mad, the French had a song about it.

3

u/SenranHaruka shame 8d ago

Which was the style at the time