Trade Secretary Alfredo Pascual has resigned from his post, as confirmed by the Presidential Communications Office on Wednesday. The announcement was made through an official Facebook post, detailing Pascual’s departure from the Department of Trade and Industry (DTI), effective August 2, 2024.
President Ferdinand Marcos Jr. issued a statement expressing his regret over Pascual’s decision to step down but acknowledged the substantial contributions he made during his tenure. “His focus on MSMEs was 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 Jr. stated.
Pascual’s resignation marks the third cabinet exit under President Marcos’ administration this year. Earlier in January, Benjamin Diokno was replaced as Finance Secretary. More recently, in June, Vice President Sara Duterte resigned from her dual roles as Education Secretary and vice chairperson of the National Task Force to End Local Communist Armed Conflict (NTF-Elcac).
In his tenure at the DTI, Pascual was lauded for his strategic emphasis on micro, small, and medium enterprises (MSMEs). His policies aimed at bolstering these sectors have begun to yield positive results, as noted by President Marcos. The President personally met with Pascual at Malacañan Palace to accept his resignation and to commend his efforts in revitalizing and transforming the Philippine economy.
The Presidential Communications Office underscored that the search for Pascual’s successor would commence immediately. The objective is to ensure a seamless transition and continuity in the Department’s ongoing initiatives. The new appointee will be tasked with sustaining the momentum in MSME support and other critical areas of economic development championed by Pascual.
Alfredo Pascual, a seasoned professional with a diverse background in both public and private sectors, is expected to return to the private sector following his resignation. His departure underscores the dynamic nature of the current administration’s cabinet, which has seen significant reshuffles within a short span.
As the government embarks on the search for a new Trade Secretary, the emphasis will likely remain on maintaining the strategic direction set by Pascual, particularly in supporting and expanding the MSME sector. This focus is crucial for driving inclusive growth and ensuring that the benefits of economic development reach a broader segment of the Filipino population.
The administration’s swift response to Pascual’s resignation highlights its commitment to stability and continuity in governance, aiming to reassure both local and international stakeholders of the country’s steadfast economic policies.