Department of Trade and Industry Secretary Alfredo Pascual during the Management Association of the Philippines inaugural meeting and 2024 Board of Governors Induction in Taguig City on January 18, 2024. Mark Demayo, ABS-CBN News

MANILA (UPDATE) — Department of Trade and Industry (DTI) Secretary Alfredo Pascual has resigned from his post, Malacañang announced Wednesday, adding that the seasoned banker and former UP president was going back to private sector. 

• Commission on Appointments confirms Trade Secretary Alfredo Pascual

In a statement, Presidential Communications Office (PCO) said Pascual personally handed his resignation letter to President Ferdinand Marcos, Jr. in their meeting at the Palace. 

Marcos has accepted Pascual's resignation, which is effective on Aug. 2. 

In a statement, Pascual explained his decision to leave his post.

"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 said. 

He also said serving in the Marcos cabinet was a privilege and honor, and that he was proud of their achievements at the DTI

The PCO meanwhile said Marcos acknowledges Pascual's "invaluable service in guiding 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," Marcos said.

The PCO said the search for the new DTI chief would "commence immediately to ensure a seamless transition and continuity in the Department’s initiatives."

Before being appointed to the DTI in 2022, Pascual served in the Management Association of the Philippines (MAP), Institute of Corporate Directors (ICD), Asian Development Bank (ADB), University of the Philippines (UP), and Asian Institute of Management (AIM), the agency said.

His past board memberships include the Philippine Institute of Development Studies (PIDS), the International Rice Research Institute (IRRI), the Institute for Solidarity in Asia, and the Financial Executives Institute of the Philippines (FINEX), among others.

From 2011 to 2017, he was President and Co-Chair of the University of the Philippines.

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