Trade Secretary Alfredo Pascual has resigned, deciding to return to the private sector, Malacañang announced on Wednesday afternoon.

The resignation, effective 2 August, was disclosed in a social media post by the Presidential Communications Office (PCO) which said that Pascual will transition back to the private sector.

Despite his pride in serving the government and the Filipino people at the helm of the Department of Trade and Industry, Pascual has chosen to pursue his initial career path.

The PCO said, “President Ferdinand Marcos Jr. met with Secretary Pascual at Malacañang Palace to accept his resignation and acknowledge his invaluable service in guiding the restoration and transformation of the Philippine economy.”

“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,” said the President.

Deep gratitude

Pascual expressed deep gratitude for his time in office, reflecting on his achievements and the honor of serving in the Marcos Jr. administration.

He thanked the President for the opportunity to contribute to the development of a “Bagong Pilipinas” and to serve the nation in this capacity.

“After much reflection, I have decided it is time for me to return to the private sector. There my roles will allow me to continue contributing my expertise and experience while being able to spend quality time with my family,” Pascual said.

“Serving in the Marcos Jr. Cabinet has been an extraordinary privilege and honor. I take pride in our collective achievements at the Department of Trade and Industry,” he added.

The PCO said the search for a successor will commence immediately to ensure a seamless transition and continuity at the department.

Like a father

The DTI’s communications team were visibly emotional following Pascual’s resignation.

“He was like a father to us — strict but gentle in every way,” said a DTI employee who joined the department two months ago.

The employee noted that, unlike previously in the department where people often prioritized personal interests over the greater good, Secretary Pascual approached his role with a genuine vision to serve, reflecting his reputable background and commitment to integrity rather than corrupt practices.

Prior to his stint at the DTI, Pascual was president of the Management Association of the Philippines. Before that he was a respected and acclaimed academician, serving as president of the University of the Philippines.

Doing his best in a tough job

Meanwhile, Philippine Chamber of Commerce and Industry chairperson George Barcelon praised Pascual for his commendable work but expressed sadness at his departure from the department.

“He did his best and did a good job in a very challenging task, as he faced a lot of uncertainties during his stint as DTI secretary. He was able to at least hold the fort. I hope the President will be able to find somebody who is knowledgeable and has a broad view of what the industry needs,” Barcelon told DAILY TRIBUNE in a telephone interview.

For his part, Ed Lacson, chairperson of the Employers Confederation of the Philippines, urged respect for the personal decision of Pascual to return to the private sector and spend more quality time with his family.

“Three years of excellent and selfless service as the country’s trade and industry chief has made Philippine industry globally competitive. Kudos to Secretary Pascual for a job well done,” Lacson said in a Viber message.

Government and industry sources were surprised by the announcement, as Pascual had gained significant respect from the business community, including major business organizations, in the country.

Pascual had made notable strides in the trade and industry sector, particularly in promoting the welfare of micro, small and medium enterprises and enhancing foreign direct investments, which created jobs for the Filipino workforce.

From July 2022 to May 2024, the DTI and its attached agency, the Board of Investments, approved a total of 1,090 projects with a combined value of P2.73 trillion, projected to create thousands of jobs, demonstrating high investor confidence and a favorable investment climate for the Philippines.

Partnerships and free trade agreements (FTAs) with other countries remain one of the major contributors to foreign direct investments, which Pascual focused on during his three-year term as Trade secretary.

In September 2023, the Philippines-Republic of Korea free trade agreement was signed by the two governments, which is expected to deepen economic relations and boost trade between the two countries.

Negotiations for FTAs, including with the EU and Canada, and upgrades to existing ASEAN agreements to expand market access and diversify trade opportunities marked his term.

The Trade chief accompanied the President on all his foreign trips, securing investment leads amounting to $8.05 billion from July 2023 to May 2024 alone.

Among those being considered to replace Pascual are National Economic and Development Authority Secretary Arsenio Balisacan, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go and Senator Grace Poe.