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MANILA – 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 basic 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 basic 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 virtue of their mass and necessary usage, qualify as basic necessities,” Yamsuan said.
Enacted into law in 1992, the Price Act ensures fair pricing and availability of basic necessities and prime commodities, especially during times of 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 basic 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 basic 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.
The secretary of the Department of Trade and Industry chairs the PCC, which also includes as members the respective secretaries of the departments of agriculture, health, environment and natural resources, interior and local government, transportation, and justice, as well as the director general of the National Economic and Development Authority and one representative each from the sectors of consumers, agricultural producers, trading, and manufacturers.
Under the Price Act, the list of basic 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 basic necessities are automatically frozen at their prevailing prices in places declared as disaster areas or under a state of calamity.
Automatic price control for basic necessities also takes place 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 basic necessities and prime commodities are illegal and penalized under the Price Act. (PNA)
