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 BMGMNT5 Students Price Act Republic Act No. 7581, or the Price Act, aims to ensure the availability of prime commodities at reasonable prices at all times. It also aims to provide effective and sufficient protection to consumers against hoarding, profiteering and cartels with respect to the supply, distribution, marketing and pricing of said goods, especially during periods of calamity, emergency, widespread illegal price manipulation and other similar situations. Under the Act, there will be two types of price control that can be imposed by the Government: Automatic price control when prices of basic necessities are automatically placed under price control whenever the President declares an area under a state of calamity, disaster, emergency, rebellion, war, martial law, or when the privilege of the writ of habeas corpus has been suspended. This shall remain effective for the duration of the condition that brought it about, but not more than 60 days. Mandated price control (MPC) where the Price Coordinating Council (PPC) or the implementing agency may recommend the imposition of mandated price ceilings on any or all of the products that fall under the list of basic necessities and prime commodities when there is impendency/threat, existence or effects of a calamity or emergency or any event that causes artificial or unreasonable increase in prices; or whenever the prevailing prices have risen to unreasonable levels. This shall require the approval of the President. Implementing agencies include the Departments of Agriculture, Health, Environment and Natural Resources, and Trade and Industry. The Act also mandated the creation of the PPC composed of Department Secretaries of or representatives from specific government agencies and representatives from selected sectors. Its major functions is to coordinate productivity, distribution and price stabilization programs, projects and measures as well as comprehensive strategies to effect a general stability in the prices of basic necessities and prime commodities. The Price Act was signed into law by President Corazon C. Aquino on May 27, 1992 and took effect on June 7, 1992. Click here for Republic Act #7581 Activity Read RA#7581 and write your reaction on whether the provisions under this law are in fact observed or implemented. Write your output on a short bond paper.
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