REPUBLIC ACT NO. 10623 (September 12, 2013): 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

The Act has amended the Price Act redefining the terms “Basic Necessities” and “Prime Commodities” and provides for the term for automatic price control during emergency situations.

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