Establishment and Composition of the Price Control Council
- Council composed of key government secretaries and representatives of consumers
- Consumer representatives from government employees, private labor sector, and women’s organizations
- Members appointed by the President with Commission on Appointments' consent
- Qualifications: natural-born Filipino, at least 30 years old, no ties to controlled industries
- Quorum and voting requirements specified
- Consumer representatives receive limited per diem compensation
- Bureau of Commerce provides staff support
- Members must submit statement of assets and interests upon assumption of office
- Local price councils established in provinces and cities, supervised by the main Council
Continuation and Review of Existing Price Controls
- Existing maximum prices as of June 30, 1971, continue immediately
- Council may modify prices following petitions and within a specified period
Criteria and Procedure for Fixing Maximum Prices
- Price increase trigger: 20% rise or threat over March 1, 1970 prices
- Council to hold notice and hearing before setting fair and reasonable maximum prices
- Maximum prices based on production or landed cost plus regulated mark-ups
- Detailed factors considered in cost computation, including labor, raw materials, transportation, and interest
- Prices effective ten days after publication in two newspapers
- Definition and limits on production and marketing costs, excluding certain taxes and excessive marketing expenses
Measures to Address Short Supply
- Council may certify shortage to obtain foreign exchange for raw materials or commodities
- Recommendations made to the Monetary Board and Central Bank for import support
- Government agencies authorized to import directly if market prices remain volatile
Rulemaking, Enforcement Powers, and Transparency
- Council empowered to promulgate necessary rules with Presidential approval
- Requirements for public notice and posting of rules
- Authority to issue subpoenas and demand relevant tax returns for investigation
- Quarterly reporting obligation to Congress
Penalties for Violations
- Imprisonment of 6 months to 5 years, fines from P2,000 to P20,000, or both
- Additional deportation for alien offenders after sentence served
- Corporate officers liable if they knowingly allow violations
- Government officials aiding violations face penalties plus perpetual ineligibility for public office
- Penalties also for unauthorized disclosure of confidential business information
Separability Clause
- Invalidity of any provision does not affect the rest of the Act
Appropriations and Government Assistance
- Initial funding established from General Fund for operating expenses
- Limits on personal services expenditure
- Government agencies required to assist Council and Bureau of Commerce when requested
Finality and Judicial Review
- Council's factual decisions final and executory
- Legal questions subject to Supreme Court review via certiorari
Effectivity and Duration
- Act took effect upon approval and valid until June 30, 1973
- Convictions and prosecutions continue beyond expiration until legally terminated