Noy signs law stabilizing prices of basic goods

MANILA, Philippines - President Aquino has signed Republic Act 10623, providing protection to consumers by stabilizing the prices of basic necessities and prescribing measures against undue price increase during emergencies and similar situations.

RA 10623, which was enacted on Sept. 6, amended certain provisions of RA 7581, also known as the Price Act.

The law provides for the creation of a price coordinating council to be composed of the secretary of the Department of Trade and Industry as chairman, and the secretaries of the Departments of Agriculture, Health, Environment and Natural Resources, the Interior and Local Government, Transportation and Communications, Justice, Energy and the National Economic and Development Authority as members.

The council shall submit a report to the President and Congress the “status and progress of the programs, projects and measures undertaken by each implementing department, agency or office.”

The report shall include goods that have been included or excluded from the list of basic necessities and prime commodities, according to the law.