Philippines seeks to double halal industry output

Philippines seeks to double halal industry output

THE Department of Trade and Industry (DTI) said it is aiming for a doubling in the halal industry’s output with the launch of the Philippine Halal Industry Development Strategic Plan 2024-2028.

“Our strategic plan is to transform the Philippines into a premier halal hub in the Asia-Pacific over the coming four years,” Trade Secretary Alfredo E. Pascual said at the launch event at the World Trade Center on Tuesday.

“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 added.

“Last year, we imported halal products worth $120 million, indicating a substantial market we could satisfy domestically,” he added.

The plan also includes a P230-billion foreign-investment target and a 120,000 new-jobs target over the 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,” said Mr. Pascual.

“The confidence in our plan stems from undeniable statistics that tell a compelling story of growth and potential,” he added.

Muslims currently account for 25% of the global population, or 1.9 billion people. This is projected to grow to 2.8 billion by 2050.

“The halal market is poised for remarkable growth, expected to reach a staggering $7.7 trillion by 2025, (against) $3.2 trillion in 2015,” said Mr. Pascual. — Justine Irish D. Tabile