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Philippines fines $28m for onion crisis
Philippine authorities fined six companies approximately $28 million for forming an onion cartel that caused a surge in onion prices in 2022, reaching a record 800 pesos per kilogram. The cartel, controlling nearly half of onion import clearances, engaged in illegal market schemes, leading to shortages and inflation. The crisis ended later in 2023 with increased local harvests and price stabilization.
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