DTI’s Pascual urges successor to keep working on trade deals
By Justine Irish D. Tabile, Reporter
OUTGOING Trade Secretary Alfredo E. Pascual said the next head of the Department of Trade and Industry (DTI) needs to focus on ensuring that negotiations for free trade agreements (FTAs) proceed smoothly.
“There are a lot of pending (free trade agreements) such as the Philippines-European Union FTA, the Philippines-United Arab Emirates FTA, the ratification of the FTA with Korea, and the review of the country’s FTA with Japan,” Mr. Pascual told reporters on the sidelines of a briefing on Thursday.
He also noted the start of negotiations with Canada and Chile.
“My marching orders to our international trade group was to start working on identifying a country in Latin America with which we can initiate a free trade agreement and also a country in Africa. We have lined up a short list,” he added.
The Presidential Communications Office announced on Wednesday that President Ferdinand R. Marcos, Jr. had accepted Mr. Pascual’s resignation at a meeting at the Palace. The resignation will take effect on Aug. 2.
Asked about National Economic and Development Authority Secretary Arsenio M. Balisacan and Head of the Office of the Special Assistant to the President for Investment and Economic Affairs Frederick D. Go, who are being floated as possible replacements, he said, “I think whoever will replace me will be knowledgeable.”
“We’ll leave with him or her, whichever it is, a summary of the things we’ve done and things that will continue to require attention from the Trade Secretary,” he said.
“We are looking forward to a seamless transition for the sake of our country, for the sake of our industries, for the sake of our workers who need jobs, and for the sake of our consumers who need protection,” he added.
Business groups noted the need for continuity in the DTI’s support for micro, small and medium enterprises (MSMEs), legislation that will boost competitiveness, and stronger international trade.
American Chamber of Commerce of the Philippines Executive Director Ebb Hinchliffe told BusinessWorld that he hopes the new Secretary will continue to be an ally of industry.
“We are disappointed to see him leave, but we respect his decision … We hope the next Secretary will continue to be a strong ally promoting economic growth,” he said via Viber.
“This can be through supporting MSMEs, boosting economic competitiveness through supporting legislation like Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE), and fostering stronger trade and economic ties with the US,” he added.
The German-Philippine Chamber of Commerce and Industry (GPCCI) said that Mr. Pascual’s tenure was marked by his commitment to fostering robust economic growth and strengthening international partnerships.
“Under his leadership, Germany emerged as the top source of foreign investments for the Philippines in 2023, contributing a remarkable P393.28 billion,” the GPCCI said in a statement on Thursday.
“This not only signifies the growing confidence of German investors in the Philippine market but also highlights Secretary Pascual’s effective economic strategies,” it added.
Philippine Chamber of Commerce and Industry President Enunina V. Mangio said that the PCCI hopes the President needs to focus on continuing the progress made during Mr. Pascual’s term.
“We have high respect for Secretary 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,” Ms. Mangio said in a statement on Thursday.
“We will support whoever the President appoints as the new DTI Chief,” she added.
In particular, Ms. Mangio said that she hopes the new Secretary will address regional industrialization, ease of doing business, skills mismatches, investments promotion, expanding exports, and enhancing consumer protections.
Mr. Pascual is leaving the DTI with $60.9 billion worth of investment leads gathered during the President’s trips.
Between July 2022 and May 2024, the Board of Investments and Philippine Economic Zone Authority approved P2.4 trillion and P331 billion worth of investment projects.