By Komfie Manalo
Outgoing secretary Alfredo Pascual of the Department of Trade and Industry (DTI) has one request from his successor: To pursue the free trade deals the Marcos administration had been trying to forge as he cited the billions of dollars in investments built on the pipeline during his two-year tenure.
"We were able to build the pipeline of billions of dollars of investments. Certain projects can already operate in a matter of months, like expansion projects that were committed to us by the President during the presidential visits. Almost all of them were already implemented—Procter & Gamble, Unilever, Yokohama (Tire)," he said.
Pascual, who submitted his resignation to President Ferdinand R. Marcos Jr. Wednesday President Ferdinand R. Marcos Jr. Wednesday, considers the investment leads pursued by his office as one of his legacies as the agency's chief in the past two years. He is leaving the administration with $76.6 billion of pipeline investments as of June 2024 to be pursued in the coming years.
These came from the DTI's foreign investment missions and follow-through activities, which resulted in investment pledges from companies met by the Chief Executive during his presidential trips.
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 during his last investment mission in Tokyo in June.
As of June 2024, President Marcos had bagged 20 projects worth $1.26 billion that are already operating in the country.
During his term as DTI chief, the investment promotion agencies he chaired—the Board of Investments and Philippine Economic Zone Authority—approved P2.7 trillion in investments.
These investments created 202,000 jobs, which President Marcos highlighted in his third State of the Nation Address.
Pascual hopes that the next DTI chief will pursue pending free trade agreements (FTAs) with the European Union and United Arab Emirates, review the Philippine-Japan Economic Partnership Agreement, and explore new markets such as Latin America and Africa.
He said his successor should also continue DTI programs on micro, small, and medium enterprises (MSMEs), protecting and strengthening consumer rights and innovation.
"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 the next DTI head will build on the current initiatives and programs for regional industrialization, enhancing the ease of doing business, addressing skills mismatch, attracting investments, expanding exports, and improving consumer protection.
The American Chamber of Commerce of the Philippines (AmCham) noted that Pascual, the 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 to promote trade and investments in the Philippines. We thank him for his service to promoting economic growth in the country, 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.
Comments