Price Act (Republic Act No. 7581).
Country
Type of law
Legislation
Abstract
The Price Act (Republic Act No. 7581) enacted in the Philippines in 1992 aims to protect consumers by stabilizing prices of basic necessities and prime commodities, especially during emergencies, calamities, or similar situations. The law mandates government measures to prevent hoarding, profiteering, and cartel activities that artificially inflate prices. It establishes automatic price controls in declared emergency areas and empowers implementing agencies like the Departments of Agriculture, Health, Environment and Natural Resources, and Trade and Industry to regulate supply, distribution, and pricing. The Act also creates the Price Coordinating Council to coordinate and promote productivity and price stabilization programs. The Act also enables temporary exclusion of certain goods from price controls and establishes a buffer fund to maintain supply stability. The Act consists of 24 Articles.
Attached files
Long title of text
An Act providing protection to consumers by stabilizing the prices of basic necessities and prime commodities and by prescribing measures against undue price increases during emergency situations and like occasions.
Date of text
Repealed
No
Source language
English
Legislation Amendment
No