Philippines talks investment with Brunei, Kuwait
By Amy R. Remo
Philippine Daily Inquirer
First Posted 02:27:00 08/28/2008
Filed Under: Investments, Foreign affairs & international relations
The Department of Agriculture is in talks with Brunei and Kuwait about possible investments in the Philippines’ “halal” industry, Agriculture Secretary Arthur Yap said.
Yap said his separate discussions with the ambassador of Brunei and officials from Kuwait focused on at least P3 billion worth of investment opportunities in the fledgling halal industry.
Yap said discussions focused mainly on two major proposals—a P2.2-billion Halal Economic Zone in Davao City and an P824-million Halal model poultry farm in Cagayan de Oro City, both in the main southern island Mindanao.
These investment packages are also being offered to investors in Europe, Middle East and the United States.
Meanwhile, local business groups can also consider other investment opportunities such as the production of halal animal feed, establishment of livestock and poultry halal farms, abattoir or slaughterhouse, processing, halal restaurants and food establishments, and halal food laboratory testing facilities, he added.
According to Yap, these investment proposals for both local and foreign investors in Mindanao would not only help develop the domestic halal industry but could also unlock its export potential.
“With the global halal food market valued over $500 billion, the Philippines can earn at least $5 billion a year by initially tapping just one percent of this lucrative share through exports,” Agriculture Assistant Secretary Clayton Olalia said.
Olalia said the proposed Halal Economic Zone, which is the centerpiece of the halal investment portfolio being offered to overseas investors, was expected to boost export earnings by at least $200 million a year.
It is also expected to generate at least 24,000 new jobs for Muslim Filipinos.
Meanwhile, the establishment of a halal model poultry farm, complete with research laboratories, abattoirs and other modern facilities, is expected to benefit around 32,000 Muslim farmers and entrepreneurs in Mindanao.
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