TRADE Secretary Alfredo E. Pascual has resigned from his post to return to the private sector, according to the Presidential Communications Office (PCO).
In a statement, the PCO said President Ferdinand R. Marcos, Jr. accepted Mr. Pascual’s resignation during 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,” Mr. Marcos was quoted as saying.
“We are sorry to lose him, but we respect his decision that this is the time for him to return to the private sector.”
Mr. Pascual’s resignation will take effect on Aug. 2.
In a separate statement, Mr. Pascual said that his role at the helm of the Department of Trade and Industry 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 Mr. Pascual’s successor will commence “immediately” “to ensure a seamless transition and continuity” in the department.
Mr. Pascual, 76, was appointed as Trade 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.
Mr. Pascual was also previously an independent director of listed companies such as SM Investments Corp., Megawide Construction Corp., and Concepcion Industrial Corp. — Kyle Aristophere T. Atienza