Short answer. Yes. Article 1472 treats a price as certain even without a fixed peso figure written into the contract, as long as it is pegged to a stated markup or discount above or below the price of securities, grain, liquids, or similar goods on a definite day or in a named exchange or market, provided that markup amount is itself certain.
What the law says
when an amount is fixed above or below the price on such day, or in such exchange or market, provided said amount be certain
Civil Code, Article 1472 — Price by Reference to an Exchange or Market. Read the full provision →
A pricing formula can still be a certain price
Philippine sales law requires the price to be certain, but it does not require the contract to spell out a fixed peso amount at signing. Article 1472 lets the parties instead tie the price to an external, verifiable benchmark, such as what the thing would have sold for on a specific day or in a named exchange or market, and treats that formula as sufficiently certain on its own, without either side having to guess or negotiate a fixed number in advance of delivery. What matters is that the formula points to something objectively ascertainable later on.
What kinds of goods this covers
The article names securities, grain, and liquids as examples, then adds other things, meaning any commodity that trades regularly enough to have a recognized, ascertainable price on a given day or in a given market. Rice, sugar, fuel, and listed shares are typical goods where pegging the price to a market rate makes practical sense for both sides, since an independent, publicly quoted benchmark exists that neither party controls and both can verify without relying on the other's word.
The markup itself has to be fixed
It is not enough to say the price will be a bit above market. The article requires that when the parties add or subtract an amount from the market or exchange price, that amount must be certain, meaning a specific figure or a clearly defined calculation, not something left open to later haggling or to one side's discretion. A markup that itself needs further negotiation would defeat the certainty the law demands, since the price would still depend on a future agreement that might never happen.
Why supply contracts use this method
Forward purchase agreements for grain, fuel, or shares often need to survive weeks between signing and delivery. Pegging the price to a market benchmark with a fixed markup lets both sides commit to predictable terms without guessing tomorrow's price today, while still satisfying the law's requirement that the price be certain rather than left open. It shifts the uncertainty onto a verifiable external index instead of onto either party's goodwill, which is precisely what makes the arrangement workable for both a buyer and a seller.
Related provisions
- Civil Code, Article 1472 — Price by Reference to an Exchange or Market
- Civil Code, Article 1473 — Price Cannot Be Left to One Party