Credits: DTI
In a surprising turn of events, Department of Trade and Industry (DTI) Secretary Alfredo Pascual has stepped down from his position, according to an announcement from Malacañang on Wednesday. The seasoned banker and former University of the Philippines (UP) president has decided to return to the private sector.
Presidential Communications Office (PCO) stated that Pascual submitted his resignation letter directly to President Ferdinand Marcos, Jr. during a meeting at the Palace. The resignation is effective from August 2.
Pascual, in his statement, cited a desire to return to the private sector, where he can leverage his expertise and spend more time with his family. He expressed pride in his tenure at the DTI and the accomplishments achieved under his leadership.
“It has been a privilege and honor to serve in the Marcos cabinet. The achievements we’ve made at the DTI are something I am proud of,” Pascual said.
President Marcos acknowledged Pascual’s contributions, particularly his focus on supporting Micro, Small, and Medium Enterprises (MSMEs), noting the positive impacts already seen from these policies. He expressed regret over Pascual’s departure but respected his decision to return to private endeavors.
“His focus on MSMEs was absolutely correct, and we are beginning to see the fruits of that policy. We are sorry to lose him, but we respect his decision that this is the time for him to return to the private sector,” Marcos said.
The PCO assured that the search for a new DTI chief would begin immediately to ensure a smooth transition and maintain momentum in the department’s initiatives.
Before his appointment to the DTI in 2022, Pascual had an extensive career, including leadership roles in the Management Association of the Philippines (MAP), Institute of Corporate Directors (ICD), Asian Development Bank (ADB), University of the Philippines (UP), and Asian Institute of Management (AIM). He has also been involved in various organizations, including the Philippine Institute of Development Studies (PIDS), International Rice Research Institute (IRRI), Institute for Solidarity in Asia, and Financial Executives Institute of the Philippines (FINEX). From 2011 to 2017, he served as President and Co-Chair of the University of the Philippines.