Trade Secretary Alfredo Pascual resigned from his post to return to the private sector, the Presidential Communications Office (PCO) announced Wednesday.

In a statement, the PCO said Pascual submitted his resignation which President Ferdinand Marcos Jr accepted. His resignation takes effect on August 2, PCO said.

The 75-year-old Pascual was appointed as DTI chief in June 2022.

He is the third Cabinet secretary to leave this year.

Earlier this month, Vice President Sara Duterte was replaced by Senator Sonny Angara as Education secretary. Benjamin Diokno was succeeded by Ralph Recto as Finance chief in March. Diokno returned to the Monetary Board.

“President (Ferdinand) Marcos Jr. met with Secretary Pascual at Malacanan Palace to accept his resignation and acknowledge his invaluable service in guiding the restoration and transformation of the Philippine economy,” the statement read.

Marcos said Pascual's focus on the MSMEs (micro, small, and medium enterprises) 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.

PCO said the search for Pascual's successor will start immediately.

In a separate statement, Pascual said he decided to return to the private sector so he could spend more time with his family.

“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.

“Serving in the Marcos Jr. Cabinet has been an extraordinary privilege and honor. I take pride in our collective achievements at the Department of Trade and Industry,” he added. Jaspearl Tan/DMS