AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7581, ENTITLED "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" AND FOR OTHER PURPOSES

Fifteenth Congress

Third Regular Session

Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.

REPUBLIC ACT NO. 10623

AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7581, ENTITLED "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" AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. Section 3(1) of Republic Act No. 7581, otherwise known as the "Price Act", is hereby amended to read as follows:

Section 2. Section 3(8) of Republic Act No. 7581 is hereby amended to read as follows:

Section 3. Section 4 of Republic Act No. 7581 is hereby amended to read as follows:

Section 4. Section 6 of Republic Act No. 7581 is hereby amended to read as follows:

Section 5. Section 11 of Republic Act No. 7581 is hereby amended to read as follows:

Section 6. Section 12(2) of Republic Act No. 7581 is hereby amended to read as follows:

Section 7. Implementing Rules and Regulations. – The Department of Trade and Industry shall, in consultation with the members of the Price Coordinating Council and stakeholders, promulgate the necessary rules, regulations and procedures for the effective implementation of this Act within ninety (90) days upon its effectivity and shall monitor strict compliance therewith. They shall also review the existing implementing rules and regulations of Republic Act No. 7581 and revise its provisions as maybe appropriate.

Section 8. Repealing Clause. – All laws, decrees, executive orders, issuances or regulations inconsistent with the provisions of this Act are hereby revised or amended accordingly.

Section 9. Separability Clause. – If any part of this Act is declared unconstitutional or invalid, such parts or provisions hereof not so declared shall remain valid and subsisting.

Section 10. Effectivity Clause. – This Act shall take effect fifteen (15) days after its publication in at least two (2) newspapers of general circulation in the country.

Approved,

This Act which originated in the House of Representatives was finally passed by the House of Representatives and the Senate on June 5, 2013.

Approved: SEP 06 2013

(Sgd.) BENIGNO S. AQUINO III
President of the Philippines