This is AI generated summarization, which may have errors. For context, always refer to the full article.
Finance Undersecretary Cielo Magno will be stepping down from her post upon orders of Malacañang, allegedly over a Facebook post that questioned President Ferdinand Marcos Jr.’s contentious policy of setting a ceiling on some rice products amid rising prices of the basic staple.
Multiple sources confirmed to reporters that Magno’s resignation will be effective September 16. She will also return to teach at the University of the Philippines (UP), where she previously taught public finance and microeconomics.
In a Facebook post, Magno posted a photo showing the chart of the law of supply and demand, perhaps the most basic of all charts in economics.
In economic theory, setting mandatory price caps would generate increased demand and decreased supply, leading to a shortage.
“I miss teaching,” her caption of the photo read.
Marcos’ economic managers supported the price ceiling on rice, with Finance Secretary Benjamin Diokno even tweeting that it would be effective in the near-term.
Diokno has yet to comment on this as of posting.
The National Economic and Development Authority (NEDA) issued a statement of support, implying that rice prices reaching almost P60 per kilo is a result of price manipulation. NEDA, an institution with technocrats and seasoned economists, even went on to say that the measure would “immediately reduce” the price of rice, without elaborating on the adverse impacts of the policy.
Magno was among the public servants working on reforming the Philippine military pension system. She also led the finance department’s group tasked to forecast government revenues and propose tax reform.
Magno has a PhD in law and public policy from the Northeastern University in Boston. She completed her Masters in Economics and Bachelor of Science in Business Economics at UP Diliman. – Rappler.com