Marcos Finance Undersecretary Resign. Former Undersecretary, Cielo Magno, has recently tendered her resignation from her position, which will take effect on September 16. In her statement, she expressed her sincere gratitude for the opportunity and able to serve her beloved country. However, she believes that teaching at the prestigious University of the Philippines School of Economics (UPSE) will provide her with the flexibility she needs to advocate for good policies.
As a highly-regarded economist, her plans entail teaching the fundamental principles of the law of supply and demand. Her decision to resign was prompted after she posted a graph depicting the said law on her Facebook account, with the caption “I miss teaching.” Subsequently, some of her friends suggested that she could teach the law of supply and demand in the Cabinet or present it to the agriculture and trade departments.
Last week Marcos Finance Undersecretary Resign, there was a surge in the prices of rice, which prompted the President of the Philippines’ agriculture department, Ferdinand Marcos Jr., to approve a temporary cap on the prices of rice. This policy sets price ceilings on rice nationwide at P41 and P45. However, despite the intention to alleviate the burden on consumers, some stakeholders have expressed concern about the effectiveness of this policy, and the National Economic and Development Authority (NEDA) has clarified that it is only a temporary measure.
Moreover, Marcos Finance Undersecretary Resigned: Cielo Magno, who had been leading discussions on reforming the military and uniformed personnel pension system and pushing for higher taxes on mining, will be stepping down from her position upon orders of Malacañang.
This is allegedly due to a Facebook post that questioned President Ferdinand Marcos Jr.’s policy of setting a ceiling on some rice products. Magno’s resignation will be effective on September 16, and she will return to teach at the University of the Philippines (UP), where she previously taught public finance and microeconomics.
In her Facebook post, which has been set to “for friends” only, Magno shared a photo of a chart of the law of supply and demand, perhaps the most fundamental chart in economics.
This move has sparked controversy, leading to speculations as to why she was asked to resign. Meanwhile, the Department of Finance (DOF) has also announced that the government will help military and uniformed personnel restructure loans amid the pension reform push, as sustaining the current military pension system may lead to a significant problem. Despite the mixed reactions towards these recent developments, it is hoped that the government’s actions will pave the way for a more sustainable and equitable economic future for the country.
Dr. Cielo Magno is a highly respected and accomplished individual who has made significant contributions to the field of economics. She served as a Finance Undersecretary during the Marcos administration and currently holds the esteemed position of Undersecretary of the Fiscal Policy and Monitoring Group at the Department of Finance.
With more than twenty years of experience in conducting research and policy work, Dr. Magno has established herself as an expert in a diverse range of fields, including public finance, institutional economics, environmental economics, health economics, and industry regulations. Her educational background is equally impressive, having earned a PhD in Law and Public Policy from Northeastern University in Boston and a master’s degree in Economics from the University of the Philippines. Her vast knowledge and expertise have been instrumental in shaping economic policies and regulations, both in the public and private sectors.