President Ferdinand Marcos, Jr., accompanied by Speaker Ferdinand Martin Romualdez, Senator Mark Villar, and other key officials, meets with Farm Fresh Milk Berhad Malaysia CEO Loi Tuan Ee (next to Marcos, right) during his three-day state visit to Malaysia.
MANILA, Philippines — The Philippines and Malaysia have joined hands to tap into the vast potential of the Halal industry, said Speaker Ferdinand Martin G. Romualdez, emphasizing its potential to create more job opportunities and foster business growth for both nations.
“The agreement between the Philippines and Malaysia to cooperate in this vital sector undoubtedly signifies a significant step towards the creation of more jobs, as well as livelihood and business prospects of our people,” Romualdez said in a statement said on Thursday.
In a joint press conference on Tuesday, President Ferdinand R. Marcos, Jr. and Malaysian Prime Minister Anwar Ibrahim announced their commitment to convene the next Philippines-Malaysia Joint Commission meeting.
The focus of this meeting will be to explore priority cooperation in various areas of mutual interest, with a particular emphasis on the Halal industry.
The Halal market has proven to be a lucrative sector, with a global food market size reaching US$2,221.3 billion in 2022, and projected to soar to US$4,177.3 billion by 2028.
“The Halal industry holds immense potential,” said Speaker Romualdez.
Malaysia, known for its strong presence in the Halal industry, has extended a hand to assist the Philippines. The country’s expertise in this sector will be shared through training programs for Philippine personnel and officials, with a special focus on empowering regions like the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other areas of cooperation.
The forthcoming joint commission meeting will serve as an important platform for detailed discussions on various areas of cooperation, including the Halal industry, transnational crimes, agriculture, Islamic banking, education, tourism and culture, sports, and the digital economy.
(This article was generated with the aid of AI and has been reviewed by an editor.)
MORE: PH, Malaysia eye more ‘ups’ in ties
President Ferdinand Marcos, Jr. meets with Speaker Ferdinand Martin Romualdez and heads of Malaysian Chambers of Commerce, and business leaders to discuss economic development, investment opportunities, and major reforms for a more business-friendly Philippines.