Section 7Sec./Art. 7

Mandated Price Ceiling. The President, upon the recommendation of the implementing agency, or the Price Coordinating Council, may impose a price ceiling on any basic necessity or prime commodity if any of the following conditions so warrants:

1. The impendency, existence, or effects of a calamity;

2. The threat, existence, or effects of an emergency;

3. The prevalence or widespread acts of illegal price manipulation;

4. The impendency, existence, or effect of any event that causes artificial and unreasonable increase in the price of the basic necessity or prime commodity; and

5. Whenever the prevailing price of any basic necessity or prime commodity has risen to unreasonable levels.