Aquino signs amended Price Act
MANILA, Philippines - President Benigno Aquino has signed Republic Act 10623, amending the Price Act.
"List of basic commodities has been expanded to include items such as LPG and bottled water, thereby covering these in cases a prize freeze is mandated in times of calamity," deputy presidential spokesperson Abigail Valte said in a text message.
Earlier, Trade Undersecretary Zeny Maglaya said the amendments to the Price Act would mean five new products are added to the list of basic goods.
Aside from instant noodles and bottled water, the list will also include fruits, kerosene and LPG.
Maglaya said the idea is these products can be now included in the price control mechanism during calamities. A price freeze can now be imposed on these products for 60 days after a calamity, except for prices of deregulated products such as kerosene and LPG which can only be frozen by 15 days.