6 Firms in ‘onion cartel’ face USD 2.90 crore fines in Philippines

After years of investigation, the Philippine Competition Commission (PCC) has imposed a record Peso 1.76 billion as well USD 2 crore and 90 lakh in fines on six businesses and their officers for operating an onion cartel that was uncovered after onion prices surged to as much as P800 per kilogram in late 2022.

At a press conference on Thursday, the antitrust watchdog said it found the following liable for illegally dividing the market for imported onions: Golden Shine International Freight Forwarders Corp., Tian Long Corp., La Reina Fresh Vegetables & Young Indoor Plants Inc., Yom Trading Corp., and sole proprietors Mark Castro Ocampo of Vegefru Producing Store and Nancy Collanta Rosal of Rosal Fruit and Vegetable Trading.

Also held liable were company officers Lilia Cruz and Letty Baculando of Golden Shine, Eric Pabilona of Tian Long, and Renato Francisco Jr. of La Reina.

The PCC said the decision to impose the fine was served on Oct. 1. The respondents have until Oct. 16 to comply. No fine has been settled as of Oct. 15.

PCC Executive Director Kenneth Tanate said that failure to comply with the decision could result in additional penalties ranging from P60,000 to P2.5 million, plus P55,000 for each day of delay. Daily penalties would begin only 45 days after the decision is issued.

Source: Inquirer.net