Halal-Related Investments In The Philippines Expected To Reach ₱230 Billion

The Philippines' National Halal Strategy is projected to attract investments worth up to P230 billion, create 120,000 jobs within five years, and support micro, small, and medium enterprises (MSMEs) in becoming part of the global halal industry.

Department of Trade and Industry Secretary Alfredo E. Pascual and Bangsamoro Autonomous Region in Muslim Mindanao Chief Minister Ahod Ebrahim seal with a handshake the signing partnership deal with the BARMM-Ministry of Trade, Investment, and Tourism. I Photo: Department of Trade and Industry Philippines

This announcement was made by Department of Trade and Industry (DTI) Secretary Alfredo Pascual. He revealed that the country's halal plan will be officially launched soon, coinciding with the Halal Convention Expo on November 21 at the SMX Convention Center.

The plan will address the increasing demand for halal products and services from both the Philippines' domestic market and the 57 countries that are members of the Organization of Islamic Cooperation (OIC) across Asia, the Middle East, Africa, Europe, and the Americas.

The global Halal market is estimated to reach $7.7 trillion in market value by 2025, up from $3.2 trillion in 2015. This growth caters not only to the expanding Muslim population of 1.9 billion people but also to non-Muslim consumers.

Pascual emphasized that "Halal as a way of life is not only for Muslims. It is increasingly recognized by many non-Muslim consumers worldwide because of ethical considerations, hygiene, fair trade, and just financing."

The secretary noted that the country's halal strategic planning aligns with President Ferdinand R. Marcos Jr.'s message to international investors at the World Economic Forum in Davos, positioning the Philippines as a gateway to the Asia-Pacific region.

DTI will lead a nine-government inter-agency task force to create a roadmap, positioning the Philippines as the most Halal-friendly trade and investment hub in the Asia-Pacific region.

The Halal Taskforce will include the National Commission on Muslim Filipinos (NCMF), Department of Agriculture (DA), Bangko Sentral ng Pilipinas (BSP), Department of Tourism (DOT), Department of Health (DOH), Department of Science and Technology (DOST), Department of Foreign Affairs (DFA), and the Mindanao Development Authority (MinDA) to cover various aspects of the Halal economy.

Pascual also highlighted that the Halal industry is among DTI's top four priorities, alongside promoting regional development, achieving food security, and enhancing MSMEs.

Furthermore, he shared that the halal plan extends beyond food and food-related products, encompassing Islamic finance, halal-friendly travel and tourism, modest fashion, halal pharmaceuticals, and halal cosmetics sectors.

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