Legal Basis and Authority for Price Controls
- The authority to issue this amendment derives from Section 4 of Republic Act No. 1168.
- Republic Act No. 1168 provides the legal framework for setting maximum selling prices of commodities under certain conditions to manage pricing in commodities in short supply.
- The Act also creates the Price Control Office for enforcement and oversight.
Role of the Philippine Rice and Corn Corporation (PRISCO)
- The amendment was made upon the recommendation of the General Manager and the Board of Directors of PRISCO.
- PRISCO plays a key role in the administration and enforcement of price controls on rice and corn.
Implementation and Effectivity
- The Order takes effect immediately upon publication in a newspaper of general circulation.
- This immediate effectivity ensures swift enforcement of the new price ceilings to stabilize the market.
Formalities and Authentication
- The Order was signed by President Ramon Magsaysay and authenticated by Executive Secretary Fred Ruiz Castro.
- The document records formal approval and public notification in compliance with procedural requirements.
Summary of Legal Concepts
- Price control as an administrative regulatory measure addressing supply constraints.
- Statutory delegation of price-fixing powers to the Executive branch under specific legislation.
- Revision of price ceilings as a dynamic response to market conditions and shortages.
- Importance of official publication for enforceability of administrative orders.