DoF’s Magno Quits Over Rice Price Ceiling
Cielo Magno, an economist and undersecretary of the Department of Finance (DOF), has resigned from her post over the government’s decision to impose a price ceiling on rice.
Magno, who is an associate professor at the University of the Philippines School of Economics, said that she could not in good conscience continue to work for a government that she believes is implementing policies that are harmful to the economy.
“I am resigning because I believe that the rice price ceiling is a bad policy,” Magno said in a statement. “It will hurt farmers and consumers, and it will not solve the problem of rising rice prices.”
The rice price ceiling, which was imposed by President Ferdinand Marcos Jr., sets the maximum price of regular-milled rice at P41 per kilogram and well-milled rice at P45 per kilogram.
Magno argued that the price ceiling will lead to a decrease in the supply of rice, as farmers will be discouraged from producing the crop if they cannot get a fair price for it. This will lead to higher prices in the long run, she said.
She also said that the price ceiling will hurt consumers, as they will have to buy lower-quality rice at a higher price.
Magno’s resignation is a blow to the DOF, which is already facing criticism for its handling of the economy. The DOF has been accused of being too close to the business sector and of not doing enough to help the poor.
Magno’s resignation is also a setback for the government’s efforts to address the rising prices of basic commodities. The government has been under pressure to do more to help consumers cope with the rising prices, but Magno’s resignation suggests that the government is not willing to take the necessary steps.
Magno is a respected economist and her resignation is a sign that the government’s economic policies are not in line with the views of many experts. It remains to be seen how the government will respond to Magno’s resignation and whether it will make any changes to its economic policies.