Price Stabilization Act of 1959

The President is authorized to impose maximum prices for commodities upon certification by the National Economic Council of a short supply or abnormal price rise.
The President may direct importation of scarce commodities by government agencies (NARIC for rice and corn, NAMARCO for others) exempt from tax and foreign exchange controls.
The President can impound and order distribution of local inventories at reasonable cost.
Executive Orders may be issued to establish price control rules and designate government agencies or create a Price Administration Board to enforce the law.
The Price Administration Board consists of a chairman (Price Administrator), representatives from marketing corporations, the Philippine Constabulary, Solicitor General, and representatives from producers, distributors, consumers (including labor and a woman).
Compensation and appointment conditions for board members and enforcement structure through provincial, municipal, and city committees are detailed, involving government officers and representatives from civic organizations.

Abnormal prices are prices deemed unreasonable based on public interest, procurement costs, and a just and fair profit margin.
Factors for price determination include estimated supply, cost of production or import, distribution costs (transport, storage, management, labor), and reasonable profit margins to sustain supply and encourage production.

Officials deputized by the President or Price Administration Board may examine financial documents, and require testimony and production of documents with subpoena powers.
They may inspect premises with a search warrant to enforce compliance.
Failure to comply with subpoenas or court orders may be punished as contempt.

Importers, manufacturers, producers, wholesalers, and retailers with stocks above P1,000 must file sworn inventory reports within 15 days after price control orders take effect.
Subsequent shipments must be declared within five days of arrival.
Undeclared stocks are prima facie evidence of hoarding, subject to impoundment and sale at controlled prices, with proceeds held pending trial.
Innocent owners are entitled to return or proceeds if acquitted.

Monthly sales reports must be submitted under oath.
Retailers are required to post conspicuous price listings and attach price tags showing purchase quantities and dates.

Sellers who have stock of controlled commodities cannot refuse to sell them, whether displayed or not.

Violations include selling or purchasing commodities above maximum prices, refusal to sell, false sales or transfers to defeat the law’s purpose, failure to file inventories, and other breaches.
Penalties range from imprisonment (2 to 10 years) and fines (P2,000 to P10,000).
Aliens convicted face deportation; naturalized citizens may lose naturalization certificate.
Corporate officers are personally liable.
Violators are barred from wholesale and retail business for 5 years (first offense) or permanently (second offense).
Importers may be blacklisted and have import licenses revoked.
Public officers who facilitate violations are criminally liable and disqualified from public office.
Misuse of confidential information by officials is punishable by fines and imprisonment.
Failure to issue official receipts creates presumption of violation.

Price control orders take effect 15 days after publication in English and a national language newspaper and posting in local government offices.
The Act is effective until December 31, 1960, subject to extension or early termination by Congress.
Orders, rules, and regulations continue in force until revoked but convictions based on them remain enforceable.