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NewsTranscript
00:00 It was only last July when the former Finance Undersecretary, Shelo Magno, found out that he was being sued by Malacanang.
00:07 Even so, he still chose to speak up because he believes that instead of helping,
00:12 the rice price cap is a problem even though he knows that he will remove it from his position.
00:18 And that is what Maki Pulido is pointing out.
00:25 When the price cap was implemented on rice, this is the graph of the Basic Law of Supply and Demand
00:30 that was posted by the former Finance Undersecretary, Shelo Magno.
00:33 It is shown in the graph that there could be a shortage in the supply of rice because of the price cap.
00:38 Even though Magno knows that he will remove this post, he still did it.
00:42 I cannot just stay silent to stay as Undersecretary. It's just a title.
00:48 I think for me, the service and the difference that we can make in society is more important.
00:54 According to Magno, last July, Malacanang already sued the Finance Undersecretary, Benjamin Jokno.
01:00 Magno is not a supporter of President Marcos.
01:03 He just accepted the offer of Secretary Jokno to serve the country.
01:07 The number one consideration for me when I said yes to him is that regardless of who's in Malacanang,
01:15 the interest of the people remain the same.
01:18 We are still trying to get the rice from Jokno,
01:21 but the secretaries said that they will just temporarily get the rice from Magno in the academy.
01:26 Meanwhile, Magno explained that there could be a shortage because there could be a horde of people who can buy a lot
01:32 while the businessmen will not be able to buy because it needs to be sold at a low price.
01:37 They said that the rice in the world market is expensive while the local rice production is not enough.
01:42 That's why the price cap should be lifted as soon as possible.
01:46 They should really need to lift the price cap because there's nothing good to be gained from this
01:53 unless we want to be able to get the rice that was rationed in the 70s.
02:02 According to Magno, a long-term solution to the crisis is a real support to the agriculture sector.
02:08 In spite of the price cap, not only the buyers will be affected but also the small businessmen.
02:14 That's why the previous 10 pesos per order of rice in Romeo's rice shop is now 12 pesos.
02:19 He did not only increase the price of rice but also reduced the price of vegetables.
02:23 If we are a restaurant that provides affordable food, we can increase the price.
02:29 Just like us, we are just a shop in the market.
02:32 Romeo's experience is that he is experiencing a lot of rice shops
02:37 according to the Philippine Association of Sari-Sari Stores and Rice Owners.
02:41 It's not only the price of rice, but also meat, vegetables, LPG, ricado, and plastic packaging.
02:47 That's why the price is high but the sales cannot be increased.
02:50 As much as possible, we are fighting, we will not let them get sick.
02:55 On the other hand, the Metro Manila Council issued a resolution to ask for support to the EO39 of the Marcos Administration.
03:02 The resolution includes the help of local governments to the retailers,
03:07 even though the LGUs will not be able to uniformly distribute rice.
03:11 The rice crisis seems to have been experienced in 2018 according to the Federation of Free Farmers.
03:16 According to the FFF, before the problem arises, farmers should provide support and equipment.
03:23 For GMA Integrated News, Mackie Polido, Katooto, 24 Hours.
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03:43 [Music]