After leaving his Cabinet post, former Trade and Industry Secretary Alfredo Pascual was plucked by the banking arm of the Sy-led SM Group of Companies, BDO Unibank.

Thus, the bank now has two former Department of Trade and Industry (DTI) heads on its roster.

Pascual will serve as an independent director, as told by BDO at the Philippine Stock Exchange on Monday after its Board of Directors approved Pascual’s election during the bank’s meeting last 31 August.

Pascual followed the footsteps of former Trade Secretary Ramon Lopez who is now also part of SM Investments Corp. as independent director.

BDO is part of SM Investments, run by another former government agency chief, Bangko Sentral ng Pilipinas governor Amando Tetangco Jr. as chairperson of the board and independent director.

Last 2 August, Pascual mentioned in his resignation letter sent to Malacanang that he would transition back to the private sector, aside from devoting time to his family.

Roque takes over

Undersecretary Ma. Cristina Aldeguer-Roque, the owner of the Filipino brand Kamiseta, took over as the officer-in-charge of the DTI.

She was the former head of the DTI’s MSME Development Group.

In a recent interview with reporters last week, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go maintained that the Palace has full confidence in the leadership of OIC Secretary Roque, whose programs do not only focus on MSME development but also the hanging free trade agreements with other countries, as well as improving further the country’s foreign direct investments.

“I fully support Cris Roque as DTI Secretary. I think it’s wonderful that she was an MSME when she started. The DTI is very much geared towards the development of our MSMEs which represent more than 99 percent of businesses. She knows how to manage that for sure,” Go said.