RA 7581

Question 1

Republic Act. 7581

Answer 1

The Price Act

Question 2

An act providing consumer protection by stabilizing the price and supply of basic necessities and prime commodities, esp during emergency

Answer 2

Price Act (RA 7581)

Question 3

Approved Date and Effective Date of Price Act

Answer 3

May 27, 1992
June 7, 1992

Question 4

Goods vital to the needs of consumers for their sustenance and existence in times of any of the cases such as rice, corn, root crops, bread; fresh, dried or canned fish and other marine products; fresh pork, beef and poultry meat; fresh eggs; potable water in bottles and containers; fresh and processed milk; fresh vegetables and fruits; locally manufactured instant noodles; coffee; sugar; cooking oil; salt; laundry soap and detergents; firewood; charcoal; household liquefied petroleum gas (LPG) and kerosene; candles; drugs

Answer 4

Basic necessities

Question 5

Goods not considered as basic necessities but are essential to consumers in times of any of the cases such as flour; dried, processed or canned pork, beef and poultry meat; dairy products not falling under basic necessities; onions, garlic, vinegar, patis, soy sauce; toilet soap; fertilizer, pesticides and herbicides; poultry, livestock and fishery feeds and veterinary products; paper; school supplies; nipa shingles; sawali; cement; clinker; GI sheets; hollow blocks; plywood; plyboard; construction nails; batteries; electrical supplies; light bulbs; steel wire;

Answer 5

Prime commodities

Question 6

An act amending RA 7581

Answer 6

RA 10623

Question 7

Basic necessities in RA 10623

Answer 7

Potable water in container
Fresh fruits
Locally manufactured noodle
Household LPG and Kerosene

Question 8

Prime necessities in RA 10623

Answer 8

Livestocks and FIshery feeds

Question 9

Implementing Agencies

Answer 9

Dept of AGriculture
DOH
DENR
DTI
Dept of Energy

Question 10

Prices of basic necessities are automatically place under price control whenever the Pres declares an area under a state of calamity, disaster, energency, rebellion. war, martial law, or when the writ of habeas corpus has been suspended

Answer 10

Automatic price control

Question 11

When there is threat, calamity, or emergency or any event that causes artificialor unreasonable increase in prices, rhe PCC can recomment the imposition of a mandate price ceilin on any or all of the products listed as basic/prime commodity

Answer 11

Mandate price control

Question 12

Factors to determine the prime ceiling

Answer 12

Avegrage price in last 3 months
Supply available in marjet
Cost to the producer, manfactuer, distributor, seller

Question 13

Contingent fund in the budget if the implementing agency which shall not be used in its normal or regular operations.

Answer 13

Buffer fund

Question 14

The undue accumulation by a person or combination of persons of basic commodity beyond normal inventory levels or the unreasonable limitation or refusal to dispose of, sell or distribute the stocks of any basic necessity of prime commodity to the general public

Answer 14

Hoarding

Question 15

The sale or offering for sale of any basic necessity or prime commodity at a price grossly in excess of its true worth

Answer 15

Profiteering

Question 16

Evidence of hoarding when stocks of basic or prime commodities are 50% higher than usual inventory and unreasonable limits refusal or failure to sell at time of stock discovery

Answer 16

Prima facie evidence (Hoarding)

Question 17

Prima facie evidence

Answer 17

No pricetag
Adulterated or diluted
Price is riased by >10%

Question 18

Combination of or agreement between two (2) or more persons engaged in the production, manufacture, processing, storage, supply, distribution, marketing, sale or disposition of any basic necessity or prime commodity designed to artificially and unreasonably increase or manipulate its price.

Answer 18

Cartel

Question 18

Combination of or agreement between two (2) or more persons engaged in the production, manufacture, processing, storage, supply, distribution, marketing, sale or disposition of any basic necessity or prime commodity designed to artificially and unreasonably increase or manipulate its price.

Answer 18

Cartel

Question 19

Prima facie evidence of Cartel

Answer 19

Two or more persons/companies competing for same market and dealing in the same basic/prime commodities perform uniform or complemetary acrs that brings about artificial and unreasonable increase in prices of basic or prime commodities

Question 20

Composition of Price Coordinating Council

Answer 20

The Secretary of Trade and Industry, as chairman
Agriculture
Health
Environment and Natural Resources
Local Government
Transportation and Communications
Justice
Energy
The Director General of the National Economic and Development Authority
One (1) representative from the consumers’ sector
One (1) representative from the agricultural producers’ sector
One (1) representative from the trading sector
One (1) representative from the manufacturers’ sector.

Question 21

Duties and Respnsibilities of National Statistics Office

Answer 21

Conduct independent periodic surveys and studies on the selling prices of all basic and prime commodities all over the country.

Know the effect of on the family income of the different economic groups in the country for purposes of serving as data base for government efforts to stabilize prices

Question 22

Penalties for Criminal Case

Answer 22

Illegal Acts of Price Manipulation
Imprisonment of 5 years - 15 years
Fine of 5k - 2M

Question 23

Penalties for Administrative Case

Answer 23

Fine of 100k - 1M
Additional sanctions of temporary closure or restraining order with a max of 10 days, reprimand, censure, suspension of license