136 LE2.2 - RA 7581 - PRICE Act

Year the PRICE Act was enacted

1992

Goods vital to the needs of consumers for their sustenance and existence

Basic necessities

Goods not considered basic necessities but are essential to consumers

Prime commodities

Rice, corn, bread, fresh/processed milk, coffee, sugar, cooking oil, salt, laundry soap, detergents, and drugs classified as essential by the DOH are examples of […]

Basic necessities

Fresh fruits, flour, onions, garlic, condiments, toilet soap, school supplies, construction materials (cement, GI sheets), and all drugs not classified as essential are examples of […]

Prime commodities

RA 7581 was later amended to include modern essential goods by [law]

RA 10623

When stocks are 50% higher than the usual inventory level and the person unreasonably limits or refuses to sell them

Hoarding

When stocks have (1) No price tag; (2) Misrepresented weight; (3) Adulterated/diluted products; or (4) Raising prices by more than 10% of the previous month's price. Exception to 10% rule: seasonal items like crops and fish

Profiteering

Triggered automatically when an area is declared a disaster area, under a state of calamity, under martial law, in a state of rebellion, or state of war

Automatic Price Control (Price Freeze)

Price freeze is effective for the duration of the situation but not more than [duration], unless lifted earlier by the President

60 days

A discretionary limit imposed by the President (upon recommendation of an agency or the Price Coordinating Council) during calamities, emergencies, or widespread illegal price manipulation

Mandated Price Ceiling

Under RA 9502, illegal price manipulation can lead to [penalties]

imprisonment of 5 to 15 years and fines ranging from ₱100,000 to ₱10,000,000

Fast-paced mediation/conciliation for complaints should ideally be resolved within [duration]

15 days