Malacañang said on Wednesday that Trade Secretary Alfredo "Fred" Pascual has resigned from his Cabinet post to return to the private sector effective Friday, 2 August.

In a social media post, Malacañang's communication arm, Presidential Communications Office, said Pascual met President Ferdinand Marcos Jr. in Malacañan Palace to give his resignation letter.

Marcos then accepted the Secretary's resignation and acknowledged his significant service in guiding the recovery 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," Marcos said.

Malacañang said a replacement for Pascual will begin immediately to ensure a seamless transition and continuity of the department’s initiatives.

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

The outgoing Trade Secretary also thanked Marcos 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," Pascual added.