Under certain stimulus conditions we encounter pronounced perceptual suppression of suprathreshold visual stimuli. Although the brain mechanisms underlying these phenomena have long been a central quest in vision research, they still remain poorly understood and continue to be a topic of intensive research and debate. Binocular rivalry (BR) and Binocular Flash Suppression (BFS) provide us with an excellent tool to study this phenomenon, for during these paradigms visual stimuli are completely extinguished from our awareness for a substantial amount of time. Additionally, they permit the dissociation of the neural responses that underlie a mere sensory representation of the visual input from what we perceive at any given point in time. In this study, we assessed quantitatively the effects of perceptual suppression on neural activity in V1 of the macaque. We have analyzed both the spiking activity of a large number of single neurons (SUA) and different frequency bands of the local field potentials (LFPs). The main result for SUA was that only a small minority (~20%) modulates in consonance with the perceptual suppression of static orientation gratings. Furthermore, the magnitude of the perceptual effect was small (~15%) in comparison to the sensory preference of the neurons. LFPs showed comparable percentages. The amplitude of LFP modulations was independent of frequency although gamma frequencies showed greater selectivity during physical alternation of the stimuli. Our results provide evidence against the hypothesis that competition is happening at the level of monocular neurons at the input layers of primary visual cortex.