Confirming earlier reports (including those in this paper), Malacañang this morning said that President Ferdinand Marcos Jr. has accepted the resignation of Trade and Industry Secretary Alfredo Pascual.
In a press statement, the Presidential Communications Office (PCO) said the President accepted Pascual’s resignation from DTI in a meeting at the Palace.
“His focus on micro, small, and medium enterprises was absolutely correct, and we are beginning to see the fruits of that policy,” Business World quoted the Palace statement. “We are sorry to lose him, but we respect his decision that this is the time for him to return to the private sector.”
Pascual’s resignation takes effect Friday, August 2.
In a separate statement, the former Cabinet official said that his role at the DTI has been “one of the most challenging yet fulfilling experiences of (his) career.”
“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,” he said.
The PCO said the search for Pascual’s successor will commence “immediately” “to ensure a seamless transition and continuity” in the department.
Pascual, 76, was appointed as DTI secretary in June 2022, joining the President in his foreign trips in a bid to attract foreign investments.
He served as president of the Management Association of the Philippines and was the president of the University of the Philippines from 2011–2017.
He also held different positions in the Institute of Corporate Directors and Asian Development Bank and was a finance professor at the Asian Institute of Management.
Pascual was also previously an independent director of listed companies such as SM Investments Corp., Megawide Construction Corp., and Concepcion Industrial Corp.
Photo Courtesy: PNA
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