Law Summary
Amendment to Previous Executive Order
- This Order specifically repeals Section 2 of Executive Order No. 373 dated November 27, 1950, which previously set the maximum selling prices for galvanized iron sheets.
- New ceiling prices for various gauges and sizes of imported galvanized iron sheets are established.
Scope and Coverage
- The price ceiling applies to imported galvanized iron sheets used as construction materials.
- Prices are set for multiple gauges (No. 24, 26, 28, 30) and different sheet sizes such as 32a3, 26a3, 30a3.
- Varieties include corrugated and plain sheets with different thickness grades (6a2, 7a2, 8a2, 9a2, 10a2).
Price Structure
- Two price levels are established for each item: Wholesale Price and Retail Ceiling Price.
- The wholesale prices range within specific amounts depending on gauge and sheet size.
- Retail prices are correspondingly higher but capped as the maximum allowed prices for consumer sales.
Tax Inclusion
- The ceiling prices fixed by this Order already include the following taxes:
- 7% sales tax
- 17% excise tax on foreign exchange
- 1% municipal tax
Effective Date and Enforcement
- The Order takes effect immediately upon issuance.
- Compliance is mandatory for wholesalers and retailers dealing in the specified galvanized iron sheets.
Authority Confirmation
- Signed by President Elpidio Quirino and Executive Secretary Teodoro Evangelista in Manila on April 16, 1951.
- The Order confirms executive powers to regulate commodity prices temporarily to stabilize the market and protect consumers from excessive pricing.