The Price Act, as Amended, Republic Act No. 10623 (Philippines)

The Act provided for general descriptions to define basic necessities and prime commodities. It further capped the period for automatic price control for basic necessities that are wholly imported and deregulated, such as household LPG and kerosene, for only 15 days. 

The Act added the Secretary of Energy as a member of the Price Coordinating Council. Provisions on the mandated price ceiling, the allocation of a buffer fund, and the powers and responsibilities of implementing agencies were also amended. In lieu thereof, the Act mandates the Department of Trade and Industry, in consultation with the Price Coordinating Council, to promulgate rule and regulations for the effective implementation of the Act.