Secretary Alfredo Pascual Resigns from Department of Trade and Industry

MANILA – Alfredo Pascual has resigned as Secretary of the Department of Trade and Industry (DTI), with his departure set to take effect on Friday, August 2, 2024, according to the Presidential Communications Office (PCO). Pascual, who played a key role in focusing on Micro, Small, and Medium Enterprises (MSMEs) during his tenure, is returning to the private sector.

According to Philippines News Agency, President Ferdinand R. Marcos Jr. met with Pascual at Malacañan Palace to formally accept his resignation. The President expressed his appreciation for Pascual’s contributions, particularly his effective policies supporting MSMEs which are beginning to yield positive outcomes. “We are sorry to lose him, but we respect his decision to return to the private sector,” Marcos stated.

The PCO announced that the search for Pascual’s successor would begin immediately to ensure continuity and seamless transition in the DTI’s ongoing initiatives. Pascual, who previously served as the president of the University of the Philippines from 2011 to 2017, and as president of the Management Association of the Philippines at the time of his cabinet appointment, has had a distinguished career in both academic and development banking sectors.

In his parting statement, Pascual expressed gratitude for the opportunity to serve under the Marcos administration, describing his time as one of the most challenging and rewarding of his career. He noted the significant accomplishments of the DTI during his leadership and expressed pride in the collective achievements of his team.

Pascual mentioned that his decision to resign was made after careful consideration, with plans to leverage his extensive experience in the private sector and spend more time with his family. “Serving in the Marcos Jr. Cabinet has been an extraordinary privilege and honor,” he remarked, also thanking the President for the opportunity to contribute to the nation’s development and the ongoing efforts to build a “Bagong Pilipinas” (New Philippines).