The Price Act, Republic Act No. 7581 (Philippines)
The Price Act enumerates the illegal acts of price manipulation of basic necessities or prime commodities, which are hoarding, profiteering and cartel, while also providing the penalties therefor. The Act authorizes an automatic price control and mandated price ceiling during calamities and emergencies. The Act further created the Price Coordinating Council which is responsible for policy matters on price stabilization. The Price Act was subsequently amended by Republic Act No. 10623.