The Department of Trade and Industry (DTI) eyes to generate P230 billion investments and 120,000 jobs in the local halal industry over the next four years.
These are among the goals of the Philippine Halal Industry Development Strategic Plan 2024-2028 launched yesterday by the DTI.
In his speech, DTI Secretary Alfredo Pascual, chair of the Philippine Halal Board, said the strategic plan aims to position the Philippines as the fastest-growing Halal hub in Asia-Pacific.
Pascual said the plan also targets to double Halal output to 6,000 products and services within the timeframe.
“Our approach invites global participation in Philippine industry development and encourages major local manufacturers to produce Halal goods, thus meeting the rising demand at home and abroad,” Pascual said.
Aleem Guiapal, project manager of the the Halal Industry Development of the DTI, said the agency is taking a progressive and developmental role rather than a regulatory function in pushing local Halal.
Guiapal also reported the Halal Board has passed a resolution recognizing foreign-accredited Philippine Halal certification bodies to further drive the growth of Philippine Halal exports.
Currently, only Philippine products certified by Philippine-accredited Halal certifying bodies are allowed for export.
The Halal market is poised to reach a staggering $7.7 trillion by 2025, a more than twofold increase from 3.2 trillion in 2015.
The Philippines’ Halal exports to Islamic Countries have been steadily growing, particularly in Malaysia, United Arab Emirates, Saudi Arabia, Singapore, Iran, Qatar and Kuwait.
In 2021, the top Philippine exports to leading Halal markets were fresh bananas ($45 million), pineapple products ($25 million), beauty and cosmetics ($7.3 million), carrageenan ($2.9 million), medicaments ($2 million), crude coconut oil ($942,000), dried mangoes ($97,000), and calamansi ($34,000).
The DTI has a created a Special Halal Task Force the past year.
So far, around P300 million in investments from the Netherlands were committed to Philippine Economic Zone Authority and the Board of Investments on Halal.
Halal certification of micro, small, and medium enterprises (MSMEs) is ongoing in partnership with the Bangsamoro Autonomous Region in Mindanao’s Ministry of Trade.
The DTI has earlier signed an agreement with DK P.O. Fulfillment Company Inc. where the latter will provide non-interest financing services to MSMEs.
Malaysia-based fast-food chain Marrybrown Franchise will open its first store in the country.
The Bangko Sentral ng Pilipinas has granted the first Islamic Banking unit license to an incumbent conventional bank in June 2023, with an Islamic banking branch in Cotabato to start its operations in the first quarter of this year.
Last November 29, the Philippines issued, for the first time, a $1 billion Sukuk or Sharia-compliant bonds with a tenor of 5.5 years, which was oversubscribed nearly five times, demonstrating pent-up interest from investors.
