malaysiangMANILA: Secretary Alfredo Pascual has stepped down as head of the Department of Trade and Industry (DTI), the Presidential Communications Office (PCO) said Wednesday.
In a statement posted on social media, the PCO said Pascual’s resignation will take effect on Friday, Aug. 2, 2024.
President Ferdinand R. Marcos Jr. has met with Pascual at Malacañan Palace to accept his resignation, the PCO said.
Pascual will return to the private sector, it said.
‘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,” Marcos said, as quoted by the PCO.
The search for Pascual’s successor will start immediately to ensure a seamless transition and continuity in the DTI’s initiatives, the PCO said.
An international development banker and leader from the academe, Pascual served as president of the University of the Philippines from 2011 to 2017.
Pascual was presiden
t of the Management Association of the Philippines at the time of his selection for the Marcos Cabinet post. He also held various posts at the Asian Development Bank from 1989 to 2008.
In a statement, Pascual was thankful for the opportunity to serve the Marcos administration, describing his tenure as one of the most challenging yet fulfilling periods of his career, highlighting the significant achievements of the DTI during his leadership.
Pascual said his decision to step down was made after careful consideration.
He said he intends to apply his expertise in the private sector while enjoying more time with his family.
“Serving in the Marcos Jr. Cabinet has been an extraordinary privilege and honor,” he said.
“I take pride in our collective achievements at the Department of Trade and Industry.”
He also thanked the President for the chance to contribute to the nation’s growth and to the vision of building a “Bagong Pilipinas” (New Philippines).
Source: Philippines News Agency
