The Philippine Economic Zone Authority has announced it is promoting the domestic halal industry in the country. It helps to tap into the rapidly growing regional and global markets.
The global halal market, likely to worth more than $7 trillion. This fueled by the world’s Muslim population of approximately 1.8 billion people.
Within this market, the food and beverage industry alone contributes one-third of its value.
However, it is important to note that the halal market extends beyond just food and beverage, encompassing various sectors.
Such as recreation, travel, financial services, fashion, and more.
While the Philippines has been looking to expand the market presence of its halal-certified food, especially in Gulf countries.
It has also set the development of halal tourism among its priority goals for 2023 to boost arrivals from the Middle East.
And its own Muslim-majority neighbours such as Malaysia, Indonesia and Brunei.
PEZA, which promotes the establishment of economic zones in the Philippines for foreign investment.
Recently signed agreements with the country’s central bank to expand the footprint of financial services in the country.
“Halal is not only a matter of food but it also includes the matter of halal in logistics tourism, manufacturing and financial accessibility.
” Aleem Siddiqui Guipal, PEZA’s public relations manager. Told the Philippine state broadcaster PTV earlier this week.
“We have signed a memorandum of agreement with Bangko Sentral ng Pilipinas to invite foreign Islamic banks and even local commercial banks to register.”
Foreign investment to create halal hubs in the Philippines has so far come from neighbouring Malaysia and Saudi Arabia, Guipal said.
But added that the agency was currently focused on the domestic ecosystem and promoting financing among local players. Especially small and medium enterprises for the industry’s growth.