By Liezelle Soriano

MANILA — Trade and Industry Secretary Alfredo Pascual has resigned from his post to transition back to the private sector, according to the Presidential Communications Office (PCO) on Wednesday, July 31, 2024.

The resignation will take effect on August 2, the PCO said.

President Ferdinand “Bongbong” Marcos Jr. met with Pascual at Malacañan Palace to accept his resignation.

Marcos acknowledged Pascual’s 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 to return to the private sector,” the President said.

The search for a successor will commence immediately to ensure a seamless transition and continuity in the Department’s initiatives, the PCO added.

Pascual was appointed in June 2022 and was previously the President of the Management Association of the Philippines (MAP).

MANILA – Japanese companies have started fulfilling their investment pledges to the Philippines, amounting to PHP22.3 billion, according to Trade Secretary Alfredo Pascual.

Speaking at the DTI Office in Makati City, Pascual highlighted significant investments from Taiheiyo Cement (PHP11.7 billion for a new Cebu plant), Murata Manufacturing (PHP7 billion for a Batangas facility), and Sojitz Corp. (PHP3.6 billion for sustainable infrastructure).

Additional pledges totaling PHP7.4 billion were made by Yokohama and MinebeaMitsui, earmarked for manufacturing and expansion projects. President Ferdinand R. Marcos Jr.’s official visits to Japan in 2023 secured PHP771.6 billion in commitments, expected to generate over 40,000 jobs.

Investment Details:

Taiheiyo Cement: PHP11.7 billion for Cebu plant.
Murata Manufacturing: PHP7 billion for Batangas manufacturing capacity.
Sojitz Corp.: Increased spending to PHP3.6 billion on sustainable buildings and digital infrastructure.

Additional Pledges:

Yokohama: Planning PHP3.5 billion expansion in tire manufacturing.
MinebeaMitsui: Further investment commitments included.

Future Projects:

Mitsubishi Corp.: Metro Manila Subway.
Sumitomo Corp.: MRT 3 rehabilitation and renewable energy.
Marubeni Corp.: Partnerships in power and healthcare.

These investments are part of broader economic engagements, reinforcing the Philippines as a key destination for Japanese businesses.

(el Ami/mnm)