Question & AnswerQ&A (EXECUTIVE ORDER NO. 460)
The legal basis for Executive Order No. 460 is Section 3 of Republic Act No. 509, which authorizes the President of the Philippines to fix ceiling prices of commodities and promulgate related rules and regulations for a limited period to effectuate the national price policy.
Executive Order No. 460 primarily regulates the ceiling prices of imported essential commodities, including shoe materials, foodstuffs, poultry feeds, and construction materials.
Ceiling prices limit the maximum prices at which importers, wholesalers, and retailers can sell certain essential imported commodities, thereby preventing price manipulation and ensuring affordability.
Executive Order No. 460 amends Executive Orders No. 343, 353, 407, 408, and 448.
Ceiling prices are structured for different categories of sellers—importers, wholesalers, and retailers—and are specified per unit for various imported commodities such as shoe materials and construction materials.
Yes, the ceiling prices include a 17% Special Excise Tax on Foreign Exchange, a 7% Sales Tax, and a 1% Municipal Tax on shoe materials and construction materials; foodstuffs and poultry feeds include a 7% Sales Tax and 1% Municipal Tax.
Executive Order No. 460 took effect immediately upon its signing on July 27, 1951.
It serves to stabilize prices of essential imported commodities to protect consumers from excessive pricing and to support national economic policies during a limited period.
Yes, the order lists detailed ceiling prices for various imported shoe materials, foodstuffs (e.g., canned fish), poultry feeds, and construction materials (e.g., aluminum sheets, reinforcing steel bars).