FILE PHOTO: Trade Secretary Pascual signs MOU with UAE to boost PH digital infrastructure
MANILA, Philippines – Outgoing Department of Trade and Industry (DTI) Secretary Alfredo Pascual said he considers the investment leads pursued by his office as one of his legacies as the agency’s chief in the past two years.
Pascual, who submitted his resignation to President Ferdinand Marcos Jr. Wednesday, is leaving the administration with US$76.6 billion worth of pipeline investments as of June 2024 to be pursued in the coming years.
These came from the foreign investment missions and follow-through activities of the DTI that resulted in investment pledges of companies met by the Chief Executive during his presidential trips.
READ: Pascual resigns as trade secretary
“We were able to build the pipeline of billions of dollars of investments… There are certain projects that can already operate in a matter of months like expansion projects that were committed to us to the President during the presidential visits. Almost all of them were already implemented—Procter & Gamble, Unilever, Yokohama (Tire),” he said.
Last Monday, Pascual graced the groundbreaking ceremony of Yokohama Tire Philippines Inc. in the Clark Freeport Zone.
The Japanese tire company invested P3.5 billion, a commitment during President Marcos’ visit to Japan and was followed up by Pascual in his last investment mission in Tokyo in June.
As of June 2024, there were 20 projects worth US$1.26 billion that were bagged by President Marcos that are already operating in the country.
During his term as DTI chief, the investment promotion agencies he chaired–Board of Investments and Philippine Economic Zone Authority–approved P2.7 trillion in investments.
These investments paved the way for the creation of 202,000 jobs, which was highlighted by President Marcos in his third State of the Nation Address.
Pascual is hoping that the next DTI chief will pursue pending free trade agreements (FTAs) with the European Union and United Arab Emirates, the review of Philippine-Japan Economic Partnership Agreement, and exploring new markets such as Latin America and Africa.
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He said DTI programs on micro, small, and medium enterprises (MSMEs), protecting and strengthening consumer rights, and innovation, among others should also be continued by his successor.
“Whoever will replace me will be knowledgeable, and we will leave with him or her a summary of the things we have done and the things we will continue to require attention for the Secretary of DTI,” Pascual said.
He also assured a “seamless transition” for the next DTI chief.
Pascual’s resignation is effective Aug. 2.
Biz community
Local and foreign business groups have thanked Pascual amid his resignation.
“We have high respect for Sec. Pascual for his dedication and hard work in promoting MSMEs to the core. We’ve worked with him on various programs and advocacies that support the development of MSMEs,” Philippine Chamber of Commerce and Industry president Enunina Mangio said.
Mangio also hopes that the next DTI head will build on the current initiatives and programs for regional industrialization, enhancing ease of doing business, addressing skills mismatch, attracting investments, expanding exports, and enhancing consumer protection.
The American Chamber of Commerce of the Philippines (AmCham) noted that Pascual, as DTI chief, has been a strong partner of the business group.
“Secretary Pascual has been a strong partner to the American Chamber of Commerce through our work together to promote trade and investments in the Philippines. We thank him for his service to promote economic growth in the country, and particularly his focus on supporting Micro, Small and Medium Enterprises. He will be missed, and we wish him all the best in his next chapter,” AmCham said.
The German-Philippine Chamber of Commerce and Industry (GPCCI) highlighted that under Pascual’s term, German investments in the Philippines stood at P393.28 billion, making the EU country one of the top sources of foreign investments for the country.
“The GPCCI extends its heartfelt gratitude to DTI Secretary Alfredo Pascual for his exemplary leadership and invaluable contributions in accelerating the Philippine economy. His tenure as Trade Secretary has been marked by numerous significant milestones, each underscoring his commitment to fostering robust economic growth and strengthening international partnerships,” GPCCI said.