NextGen Day

A party-list lawmaker on Thursday underscored the need to update the Price Act to include liquefied petroleum gas (LPG) 🛢️, instant noodles 🍜, potable water in containers 💧, and kerosene in the list of necessities, as defined under the law, to protect consumers from unwarranted price increases, especially during times of calamities. 🌪️🌊

In a statement, Bicol Saro Rep. Brian Raymund Yamsuan said Republic Act 7581, or the Price Act, should be amended to include these four items in the list of necessities covered by the regular monitoring of the Price Coordinating Council (PCC). 📜🔍

“The Price Act is due for an update. The Act has not included ‘new’ goods that, by their mass and necessary usage, qualify as necessities,” Yamsuan said. 💬

Enacted into law in 1992, the Price Act ensures fair pricing and availability of necessities and prime commodities, especially during calamities and emergencies. ⚖️🛒

This law also outlines the responsibilities of government agencies in monitoring prices and ensures a just return on investment for legitimate businesses. 💼

Under the Price Act, the inclusion or exclusion of goods in the list of necessities and prime commodities can be done upon the petition of concerned parties. 📃

Yamsuan said House Bill 7977 provides a mechanism for greater flexibility in including or excluding types and brands of goods in the list of necessities or prime commodities. 🏛️

The bill proposes allowing the inclusion or exclusion of goods through motu proprio action of the concerned agencies of the PCC. 👥

Under the Price Act, the list of necessities includes rice, corn, bread, fresh, dried, and canned fish and marine products, fresh pork, beef, poultry meat, fresh eggs, fresh and processed milk, fresh vegetables, root crops, coffee, sugar, cooking oil, laundry soap, detergents, firewood, charcoal, candles, and drugs classified as essential by the health department. 🍚🥩🍳🥛🍞🛒

Under the law, the prices of necessities are automatically frozen at their prevailing prices in places declared as disaster areas or under a state of calamity. 🧊❄️

Automatic price control for necessities also occurs in areas declared under a state of emergency, martial law, state of rebellion, state of war, or where the privilege of the writ of habeas corpus is suspended. ⚖️🔒

Hoarding, profiteering, forming cartels, and other acts meant to manipulate the prices of necessities and prime commodities are illegal and penalized under the Price Act. ⚖️⛔️💰

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