Department of Trade and Industry (DTI) Secretary Alfredo "Fred" Pascual is stepping down from his position as he transitions back to the private sector, according to an announcement by the Presidential Communications Office (PCO) on Wednesday.
Pascual's resignation will take effect on August 2, 2024.
President Ferdinand Marcos Jr. has accepted the resignation and expressed appreciation for Pascual's "invaluable service" in steering the restoration and transformation of the Philippine economy.
"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," said Marcos.
In a separate statement, Pascual reflected on his tenure describing it as “one of the most challenging and 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 on Wednesday, July 31.
The President appointed Pascual to the position in May 2022. Prior to serving as trade secretary, Pascual was the former president of the University of the Philippines and held various roles in the private sector, including independent director at Megawide Construction Corporation and lead independent director at SM Investments Corporation.
Marcos has not announced a replacement for the trade secretary role as of this writing.
