Unlocking the Halal Goldmine: Invest in the Philippine’s Thriving Halal Market
Highlights: The Philippines has launched a strategic plan to become a leading halal hub in the Asia Pacific by 2028. The Department of Trade and Industry (DTI) aims to increase the number of Philippine-made halal-certified products and services from 3,000 to 6,000 by 2028. The halal board has approved a resolution to recognize foreign-accredited Philippine halal certification bodies to boost halal exports. Currently, only local goods certified by Philippine-accredited halal certifying bodies can be exported.
The DTI also plans to expand the country’s share in the global halal industry, which is projected to reach $7.7 trillion by 2025. Companies are encouraged to explore opportunities in the domestic halal market. Despite having the third-largest Muslim population in Southeast Asia, the Philippines’ halal products lag behind those of non-Muslim neighboring countries like Singapore and Thailand.
In 2023, the Philippines imported halal products worth $120 million, indicating a significant domestic market that could be satisfied locally. The strategic plan also includes goals such as generating PHP230 billion in investments for the domestic halal sector and creating 120,000 new jobs.
Link to Original Article
https://salaamgateway.com/story/philippines-launches-halal-blueprint-to-double-products-by-2028