The Philippines woos global Muslim investors in the halal industry
MANILA, Philippines, Nov 22, (Agencies): The Philippines has extended an invitation to global Muslim investors to establish halal businesses within the country, as announced by the Department of Trade and Industry during the Philippine Halal Economy Festival in Manila. Despite being predominantly Catholic, the Philippines aims to position itself as an Asia-Pacific hub for the halal industry, targeting a share in the estimated $7 trillion global halal market. With a goal to achieve $4 billion in halal trade and investments over the next five years, the country has activated new regulations and amended existing laws to facilitate foreign companies conducting business within its borders.
Department of Trade and Industry Secretary Alfredo E. Pascual speaks at the Philippine Halal Economy Festival in Manila on Nov. 22, 2023. (DTI)
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DTI Secretary Alfredo E. Pascual emphasized the incentives provided by these laws, encouraging Muslim investors worldwide to establish and operate halal enterprises in the Philippines. The amended Foreign Investment Act is highlighted, allowing qualified non-Philippine nationals to conduct business or invest in domestic companies. Additionally, amendments to the Retail Trade Liberalization Act have reduced the capital ceiling required for foreign-led retailers, enabling smaller foreign businesses to establish operations in the Philippines.
Pascual underscored the potential of these ventures to cater to the vibrant domestic market and the growing community of local halal consumers. The government’s aim to create 120,000 new jobs in the halal sector aligns with its commitment to fostering economic growth. With approximately 7 million Muslims residing in the Philippines, particularly in Mindanao, the Sulu archipelago, and Palawan, the country seeks to leverage its unique position to tap into the global halal market.
Speaking at the Philippine Halal Economy Festival, part of Invest Philippine Week, Pascual highlighted the importance of creating new business partnerships and investments. The series of investment promotion activities signals the Philippines as open for business, welcoming domestic and international investors to engage with Filipino businesses and officials.
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