Finance Undersecretary Cielo Magno quits post

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Metro Manila (CNN Philippines, September 7) — Finance Undersecretary Cielo Magno on Thursday confirmed that she has resigned from her post, allegedly stemming from her contentious economic policies, particularly in mining.

In a message, Magno said she would be teaching at the University of the Philippines School of Economics after her stint in the Department of Finance.

CNN Philippines asked if the order came from the Palace, and she said: “No direct request re: my post.”

According to earlier reports, Magno was forced to quit following her stance against the Marcos admininistration's price ceiling on rice.

A source who requested anonymity told CNN Philippines that “there has been pressure” for Finance Chief Benjamin Diokno to remove her because of the policies she has been pushing, especially in mining.

The source also noted that Malacañang was “monitoring” Magno’s Facebook account, where she shared a cryptic post on Sept. 1 — a demand and supply graph with the caption “I miss teaching.”

As of Sept. 7, the post has been set on public.

Some Facebook users commented that the post must be shared with the Department of Agriculture and the Department of Trade and Industry.

The price cap on rice took effect on Sept. 5. President Ferdinand Marcos Jr. said that the move was necessary after authorities detected a price surge.

For months, officials from the Philippine Statistics Authority have been reporting about increasing rice inflation, threatening improvements in the country’s inflation print.

Marcos earlier blamed the soaring rice prices on smugglers and hoarders.