Question & AnswerQ&A (EXECUTIVE ORDER NO. 518)
The President of the Philippines has the authority to fix ceiling prices of commodities under Executive Order No. 518.
The commodities subject to the price ceiling under the Executive Order include certain imported and local essential commodities such as Libby's evaporated milk in different sizes and Cafe Excelente roasted ground coffee.
The maximum selling prices are categorized by importer’s price, wholesaler’s price, and retailer’s price for each specified commodity.
For Libby's Evaporated Milk products, the ceiling prices include a 7% Sales Tax and 1% Municipal Tax. For Cafe Excelente roasted ground coffee, the ceiling prices include a 7% Sales Tax.
The Order applies to both imported and local commodities as specified, including imported milk products and locally prepared roasted ground coffee made with imported coffee beans.
Executive Order No. 518 took effect immediately upon its issuance on July 11, 1952.
The 17% special excise tax on foreign exchange is mentioned in the price table but excluded from the ceiling prices fixed for the listed commodities.
The Price Administration Board recommended the fixing of ceiling prices, which served as a basis for the President’s issuance of the Executive Order.
Marciano Roque, Acting Executive Secretary, signed the order on behalf of the President.