Gov’t readies halal industry dev’t strategy

MANILA  -The Department of Trade and Industry (DTI) on Thursday said it is set to launch a national strategy to develop the local halal industry, with the aim of generating P230 billion in investments and creating 120,000 jobs in the sector within five years.

The DTI said the plan will address the growing demand for halal products and services from both the Philippines’ domestic market and from the 57 countries spanning Asia, the Middle East, Africa, Europe and the Americas, which are members of the Organization of Islamic Cooperation (OIC).

“The Philippines plans to expand its participation in the Halal economy by being more active in this multitrillion US-dollar industry that is growing at a rapid pace,” Trade Secretary Alfredo Pascual said in a statement.

The trade chief highlighted the growing Muslim population which stands at 1.9 billion today, adding that the global halal market is estimated to reach $7.7 trillion in market value by 2025.

“By maximizing our potential in the halal industry, together, we will help realize the vision of President Marcos Jr. in gaining more investments, which will mean higher economic activity and more quality jobs, and then a better life for all Filipinos,” he said further.

Pascual also said that the halal industry is essential to the government agency’s four priorities, which are promoting regional development, attaining food security, upgrading, upskilling, and upsizing micro, small and medium firms.