Trade Secretary Alfredo Pascual is resigning from his post effective Friday, the Presidential Communications Office (PCO) said on Wednesday.

“The [PCO] announces the resignation of Secretary Fred Pascual from the [DTI] effective Aug. 2, 2024, as he transitions back to the private sector,” the PCO said.

President Ferdinand Marcos Jr. met with Pascual in Malacañang and accepted the latter’s resignation but praised his performance as chief of the Department of Trade and Industry (DTI).

“[The President] acknowledge[d] his invaluable service in guiding the restoration and transformation of the Philippine economy,” the PCO said

Marcos also defended Pascual’s position on the agency’s policy direction in support of micro, medium, and small enterprises (MSMEs).

“His focus on MSMEs was absolutely correct, and we are beginning to see the fruits of that policy,” the President said.

He, however, lamented Pascual’s departure.

“We are sorry to lose him, but we respect his decision that this is the time for him to return to the private sector,” the President said.

In a statement released by the DTI on Wednesday, Pascual said: “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 described his job in the DTI as the “most challenging yet fulfilling experiences” in his career.

“Serving in the Marcos Jr. Cabinet has been an extraordinary privilege and honor. I take pride in our collective achievements at the (DTI),” he said.

“I thank the President for the opportunity to serve our beloved country under his leadership and contribute to the building of a Bagong Pilipinas,” he added.

Potential Replacements

No successor has yet been announced for Pascual, according to the PCO.

“The search for a successor will commence immediately to ensure a seamless transition and continuity in the department’s initiatives,” it said.

Rumors of Pascual getting replaced has been the subject of speculation as early as 2022, with the buzz from government sources back then that he might be replaced by property tycoon Frederick Go, who is now the Special Assistant to the President for Investment and Economic Affairs.

In the last two years, however, Go had denied on multiple occasions that he would take the trade and industry portfolio.

“Not me,” Go said in his latest response to the Philippine Daily Inquirer on Wednesday.

Another rumored replacement was Marikina Rep. Stella Luz Quimbo, who likewise turned down the Cabinet position.

A third replacement being talked about back then was Socioeconomic Planning Secretary Arsenio Balisacan.

Some officials told the Inquirer that a major reason in Pascual’s exit is his alleged lackluster performance, although no objective basis has been given to prove this.

The Board of Investments (BOI) and the Philippine Economic Zone Authority (Peza), the two main investment promotion agencies under the Department of Trade and Industry (DTI), have performed rather well since Pascual started office in 2022.

In 2023, the BOI approved P1.26 trillion worth of investments, up from the previous years by 73 percent and a record high in its 56-year history.

Meanwhile, 2022 saw the investment promotion agency arrest two years of decline as investment approvals climbed to P729 billion.

Peza-approved investments, on the other hand, increased to P140.7 billion in 2022 from P69.30 billion in 2021.

In 2023, it recorded a 24.9-percent growth as its portfolio reached P175.70 billion in value.

reprinted with permission from the Philippine Daily Inquirer (with a report from Alden Monzon)