The Philippines’ agriculture department has issued permits to import 5,775 tons of onions for delivery this month, around 27% of its planned purchase volume aimed at boosting domestic supply to tame rising prices.
(Bloomberg) — The Philippines’ agriculture department has issued permits to import 5,775 tons of onions for delivery this month, around 27% of its planned purchase volume aimed at boosting domestic supply to tame rising prices.
Import permits were issued to 92 importers to bring in 4,525 tons of red onions and 50 permits given to ship in 1,250 tons of yellow onions, data from the Department of Agriculture showed on Monday. The import licenses were issued between Jan. 9 and 13, with the agricultural commodity scheduled to arrive by Jan. 27.
The Southeast Asian nation was earlier planning to purchase 21,060 tons of onions overseas, but the US Department of Agriculture said Thursday the country is unlikely to fill the entire volume due to the tight requirements including delivery before the end of this month.
Prices of onions surpassed those of meat earlier this month amid tighter supply, helping lift inflation to 14-year highs.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.