Dating finance Usec. Magno: Dapat nang alisin ang price cap sa bigas dahil posible itong magdulot ng shortage | UB
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NewsTranscript
00:00 For the former finance undersecretary, Shelo Magno, the price ceiling for rice should be removed as soon as possible.
00:08 Magno explained that it is possible to have a shortage of rice because the buyers might hoard.
00:14 And the businessmen will not be able to raise the price because they need to sell it at a lower price.
00:19 Magno also explained that in his supply and demand graph that he uploaded on social media.
00:26 Magno also said that he will be very happy with the removal of his position.
00:30 I can't just stay quiet to stay as an undersecretary. It's just a title.
00:39 I think for me, the service and the difference we can make in society is more important.
00:46 The GMA Integrated News is trying to get a new statement from Finance Secretary Benjamin Diokno about this.
00:54 But he said that it's only temporary that they will get Magno as an undersecretary.
00:59 Meanwhile, President Bombon Marcos ordered the distribution of Php 15,000 aid to rice retailers affected by the price cap.
01:08 The target of the Department of Social Welfare and Development is to finish the distribution of aid tomorrow.
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01:29 [music]