What is RA 7581 all about?
7581 – The Price Act. An Act Providing Protection to Consumers by Stabilizing the Prices of Basic Necessities and Prime Commodities and by prescribing measures against Undue Price Increases during Emergency Situations and Like Occasions.
What is the penalty for violation of the automatic price freeze?
Any person who violates the Automatic Price Control or Mandated Price Ceiling may be imprisoned for a period of not less than 1 year nor more than 10 years, or a fine of note less than P5,000 nor P1,000,000, or both, at the discretion of the court.
How can Republic Act 7581 protect both consumers and businesses?
Republic Act (RA) 7581 or the Price Act (1992), as amended by RA 10623, provides protection to consumers by stabilizing the prices of basic necessities and prime commodities during periods of calamity, emergency or widespread manipulation. Added to the list of prime commodities are livestock and fishery feeds.
What is Republic Act 7581 who is are the principal author’s What does it cover?
REPUBLIC ACT 7581 or the Price Act was signed into law on May 27, 1992. The law provides consumer protection by stabilizing the price and supply of basic necessities and prime commodities and prescribing measures against undue price increases especially during emergencies.
What is the title of RA 10918?
Philippine Pharmacy Act
Title. – This Act shall be known as the “Philippine Pharmacy Act”.
What is the title of RA 8203?
8203). An Act Prohibiting Counterfeit Drugs Providing Penalties for Violations and Appropriating Funds Therefor.
What is the difference between hoarding and profiteering?
Profiteering is a judgmental term for the act of making a profit by methods measured unethical. Hoarding is the purchase of large amounts of a commodity by an investor with the intent of profiting from future price increases.
What triggers an automatic price control under RA 7581?
Automatic Price Control. – If the prevailing price of any basic necessity is excessive or unreasonable, the implementing agency may recommend to the President the imposition of a price ceiling for the sale of the basic necessity at a price other than its prevailing price.
What is RA No 10623?
7581, as amended by R.A. 10623) fleshes out the policy of the Philippines to ensure the availability of basic necessities and prime commodities at reasonable prices at all times without denying legitimate business a fair return on investment, as well as the policy to provide effective and sufficient protection to …
What are the goals of RA 10918?
– The State recognizes the vital role of pharmacists in the delivery of quality health care services through the provision of safe, effective, and quality pharmaceutical products, pharmaceutical care, drug information, patient medication counseling, and health promotion.
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