PRESIDENTIAL DECREE No. 1681

AMENDING SECTION 2 OF PRESIDENTIAL DECREE NO. 1674 ENTITLED: "PROVIDING A MECHANISM FOR PRICE REGULATION, CREATING A PRICE STABILIZATION COUNCIL, PRESCRIBING ITS POWERS AND RESPONSIBILITIES AND FOR OTHER PURPOSES."

I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order:

Section 1. Section 2 of Presidential Decree No. 1674, is hereby amended to read as follows:

"Sec. 2. Composition of the Council. A Price Stabilization Council (hereinafter referred to as the "Council") is hereby constituted, which shall be composed of the Minister of Trade as Chairman, and the Minister of Agriculture, the Minister of Industry, the Minister of Health, the Minister of Economic Planning and the Minister of Labor or their designated representatives, as members. The Council shall meet upon direction of the President The Council may appoint an Executive Director who shall be responsible for carrying out the orders and directives of the Council and whose compensation shall be determined by the Council. The Executive Director shall be assisted by a Secretariat."

Section 2. This Decree shall take effect immediately.

Done in the City of Manila, this 11th day of March in the year 1980.