Legal Authority and Basis for Amendment
- The amendment is executed under the authority granted by Section 4 of Republic Act No. 1168.
- Republic Act No. 1168 empowers the fixing of maximum selling prices for commodities in short supply and establishes the Price Control Office.
- The President issued the order upon the recommendation of the General Manager and the Board of Directors of the Price Stabilization Corporation, ensuring administrative oversight.
Effectivity and Implementation
- The amended price ceilings take effect on January 1, 1955.
- The Order was promulgated in Manila on November 20, 1954, and duly signed by President Ramon Magsaysay and Executive Secretary Fred Ruiz Castro.
Scope and Purpose
- The order applies specifically to the price regulation of certain rice varieties, addressing market stability concerns.
- It serves the broader purpose of controlling prices during commodity shortages to protect consumers and stabilize the economy.
Key Legal Concepts
- Price ceiling setting: Establishes legally binding maximum prices for specified commodities.
- Price control office and stabilization mechanisms: Drawing on the institutional framework provided by Republic Act No. 1168.
- Executive authority: Utilization of presidential powers to promptly enforce price adjustments based on administrative recommendations.