Alfredo Pascual, Secretary of the Department of Trade and Industry (DTI), has resigned from his position, as announced by Malacañang on Wednesday. The former president of the University of the Philippines and experienced banker is set to return to the private sector.
According to a statement from the Presidential Communications Office (PCO), Pascual personally submitted his resignation letter to President Ferdinand Marcos Jr. during their meeting at the Palace.
President Marcos accepted Pascual’s resignation, effective August 2.
In his statement, Pascual elaborated on his decision to resign. “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 stated.
He expressed that serving in President Marcos’s cabinet was a privilege and honor and that he was proud of the achievements at the DTI.
The PCO also conveyed President Marcos’s appreciation for Pascual’s significant contributions. “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,” President Marcos said.
The search for a new DTI chief will begin immediately to ensure a smooth transition and continuity of the department’s initiatives, the PCO added.
Before his appointment to the DTI in 2022, Pascual had 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 also held board memberships in the Philippine Institute of Development Studies (PIDS), the International Rice Research Institute (IRRI), the Institute for Solidarity in Asia, and the Financial Executives Institute of the Philippines (FINEX), among others.
From 2011 to 2017, he served as President and Co-Chair of the University of the Philippines.