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Jeddah - Yasmine El Tohamy - MANILA: The Philippines aims to position itself as an Asia-Pacific hub of the halal industry, the Department of Trade and Industry has said as it prepared to engage this week with Saudi Arabia’s business community in Riyadh.
The predominantly Catholic Philippines has set big targets to expand its domestic industry in the hopes of tapping into the global halal market, which is estimated to be worth more than $7 trillion.
As part of the government’s strategic plan, Manila seeks to achieve about $4 billion in halal trade and investments and create 120,000 jobs in the sector over the next five years.
The Southeast Asian country is aspiring to become “the most halal-friendly trade and investment hub in the Asia Pacific region,” DTI Secretary Alfredo Pascual said on Monday.
“In this pursuit, we aim to tap into the burgeoning demand for halal products and services in our domestic market and across the 57 countries that constitute the Organization of Islamic Cooperation.”
Though a third of the global halal market is contributed by the halal food and beverage industry, it also covers recreation, travel, financial services, fashion, and many other sectors.
The Filipino Muslim community, which constitutes about 6 percent of the 110-million Philippine population, is integral to the government’s strategy, as it involves making micro, small and medium enterprises in the country a part of the global halal ecosystem.
“Our strategic course is set to cultivate the entire Philippine halal ecosystem,” Pascual said. “We stand poised to advance the frontiers of the halal industry within our borders, with an eye toward global prominence in the burgeoning halal economy.”
As the Philippines hopes to attract more foreign investment into the market, officials are also setting their eyes on investors from the Gulf region.
An opportunity to tap into that potential will present itself in Riyadh this week, when President Ferdinand Marcos Jr. will attend the first summit of the Association of Southeast Asian Nations and the GCC.
“We will deepen engagement with the business community of the Kingdom of Saudi Arabia as the president leads a delegation to the Association of Southeast Asian Nations-Gulf Cooperation Council Summit in Riyadh,” Pascual said. “The Philippines is open for business.”
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