Section 4
SEC. 4. Whenever any of the articles or commodities mentioned in Section One hereof is in short supply, the Council, after notice and hearing, shall certify to the needs of local producers or manufacturers thereof and recommend to the Monetary Board that the Central Bank make available the foreign exchange to import adequate raw materials and supplies which may be necessary to produce or manufacture said article or commodity in the quantity required to cover the shortage in supply. If said article or commodity in short supply is not locally produced or manufactured, or if the local producers or manufacturers thereof can not fully cover the shortage in supply, the Council after notice and hearing shall certify to such shortage or to the deficiency which the local producers or manufacturers cannot cover, and recommend to the Monetary Board that the Central Bank make available to importers the necessary foreign exchange to import said article or commodity in the quantity required to cover the shortage in supply. If these measures should still fail to arrest the rise of the market prices of such article or commodity in short supply, the Council, after notice and hearing, may recommend, and the President may authorize, any agency of the government, including any government-owned or controlled corporation, except government financial institutions, to import directly the article or commodity in short supply for distribution in the local market through such channels as may be chosen for the purpose.