Department of Trade & Industry Secretary Alfredo Pascual Resigns, Undersecretary in-charge of MSMEs Cristina Aldeguer-Roque Appointed as Acting Secretary

On July 31, the Presidential Communications Office (PCO) announced the resignation of Secretary Alfredo Pascual from the Department of Trade and Industry (DTI), effective August 2, 2024. In a separate statement, Pascual thanked the President for the opportunity to serve the country and mentioned that he will be returning to the private sector. Pascual is leaving behind USD 76.6 billion in pipeline investments as of June 2024. Under his leadership, 20 projects worth USD 1.26 billion have been implemented and USD 47 billion worth of investments were approved by the investment promotion agencies he chaired. Several business groups expressed their appreciation for Pascual’s contributions, specifically in championing MSMEs and accelerating the Philippine economy.  Pascual is the third Cabinet secretary to leave President Marcos’ administration this year, following the replacement of Benjamin Diokno as Finance Secretary in January and the resignation of Vice President Sara Duterte as Education Secretary in June.

On August 2, President Marcos appointed Cristina Aldeguer-Roque as Acting Secretary of the DTI, citing her dedication and leadership in the MSMEs sector. As Acting Secretary, she can immediately take the helm of the DTI as she awaits her final confirmation by the Commission on Appointments. The appointment comes in the heels of what appears to be tepid economic growth in 2024. Although the average GDP growth reached 6.0% over the first two quarters, concerns persist about maintaining this momentum, given the slowing quarter-on-quarter growth, uneven performance across sectors, and dependence on government spending. Fitch Group, a global credit ratings agency, recently  trimmed its gross domestic product (GDP) growth forecast on the Philippines for this year to 6.0% from 6.2% previously.

Prior to the appointment, Aldeguer-Roque served as the DTI Undersecretary for the MSME development group, overseeing the Bureau of Small and Medium Enterprise Development, the Small Business Corporation, the Cooperative Development Authority, among other offices in charge of MSME development. In the turnover ceremony, Aldeguer-Roque promised to collaborate with stakeholders and continue to build programs that will support MSMEs. She bared her 5-point plan: Use of AI & digitalization, diversification, funding, franchising, and mentoring & providing strategic learning. While her experience and portfolio so far has been focused on MSMEs, she committed to working closely with investment promotion agencies to enhance the country’s trade relations, particularly in the areas of industrial, manufacturing, transport, technology, media & telecommunications, health & life sciences, modern basic needs, and retail.