Does engagement ring needs to be pricey?

One of the trending and viral topic here in the Philippines is the guy who preposed but the girl learned that the engagement ring cost 299 pesos. Many filipinos have a say regarding this. Some says that its just okay and the ring will not dictate their future life.
Some says that how will the guy will support you financially if with the engagement ring he doesnt have the guts to buy a ring with a decent price.

But seriously, is the price and brand is really important? What are your thoughts about this?

Its easy to buy an expensive ring today if you have money. You know what is hard, to keep what you promised when you proposed and to maintain the love for each other. Especially now with the number of separated and broken families. A ring will not save your love when you break up

This is just for me.
Yes, it doesnt really matter if the ring is expensive or cheap. I think the girl issue is not about the money. Maybe he based his value on the ring that the guy would give her.
Knowing that the man has the capacity to buy a better ring for her to feel that she is special.
But for me there is no problem how much the ring is as long as my partner love me for who i am.
We have different opinions and we have different personalities