Halal dev’t plan aims for P230-B investments

Halal dev’t plan aims for P230-B investments | Daily Tribune

The Department of Trade and Industry on Tuesday formally unveiled the Philippine Halal Industry Development Strategic Plan 2024-2028, an ambitious initiative of the Marcos Jr. Administration to double the Philippine Halal output and attain P230 billion worth of foreign investments in four years.

During the launch on Tuesday at the World Trade Center in Pasay City, Trade Secretary Alfredo Pascual, who also sits as the chairperson of the Philippine Halal Export Development And Promotion Board, said the strategic plan of the government is to transform the Philippines into a premier Halal hub in the Asia-Pacific over the coming four years.

To boost the Philippine economy, the Trade chief said the Halal strategic plan is envisioned to: (1) increase Halal output for domestic consumption and exports by expanding and recognizing Halal-certifying bodies; (2) launch a unified, whole-of-government national brand to promote the Philippines as the fastest-growing and most Halal-friendly hub in the Asia Pacific; (3) create a one-stop shop to link all stakeholders and ensure synchronized efforts; and (4) develop a comprehensive Halal value chain through regional development, institutionalized knowledge management, skills matching and upskilling, investment promotions, and capacity building.

Supermarket shelves in foreign countries

“We aim to enrich supermarket shelves in foreign countries with Philippine Halal products. The execution of our Halal Strategic Plan will see a doubling of our current 3,000 Halal-certified products and services to 6,000, catering to both the burgeoning domestic demand and the global Halal market,” he said.

To achieve this, Pascual said the Board will foster collaborative efforts among government agencies, attract P230 billion in foreign investments, and, in the process, generate 120,000 new jobs over four years.

“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,” according to Pascual.

The DTI chief maintained that, to date, there is a broader view of the Halal industry, and the world’s Muslim population, currently standing at approximately 1.9 billion, constitutes around 25 percent of the global population.

The said number is projected to grow to 2.8 billion by the year 2050 and the Halal market is poised for remarkable growth, expected to reach a staggering $7.7 trillion by 2025 — a more than twofold increase from $3.2 trillion in 2015.

Achievements in Halal

Even though the development plan was not yet officially unveiled, Pascual said that the country has already made significant strides in promoting the Halal industry.

In December last year, Pascual said the Philippines raised $1 billion from selling the maiden Sukuk or Islamic bonds issue.

“The demand was so strong that the issue was oversubscribed nearly five times. Our Bangko Sentral ng Pilipinas also 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,” Pascual said.

In the health sector, he said the Manila Doctors’ Hospital became the first hospital in the Philippines to receive the first Halal kitchen certification, while in agriculture, the Department of Agriculture spurred the establishment of multiplier Halal farms by procuring and distributing P5 million worth of farm animals.

Further, he said the Department of Science and Technology’s Halal Verification Laboratories have helped many micro, small, and medium enterprises comply with Halal standards for food, soap and shampoo, cosmetics, and other products.

Challenges, vast opportunities

“The road ahead is indeed filled with challenges, but it is equally paved with vast opportunities. Let us envision the Philippines as a frontrunner in the worldwide Halal sector, with a thriving Halal ecosystem, as we collectively strive towards ‘Bagong Pilipinas’ – a nation that embodies inclusivity, sustainability, and prosperity,” Pascual stated.