Image Courtesy: Unsplash

Halal Industry

Philippines eyes additional 'halal champions' to strengthen profile

Philippines is looking at creating additional halal champions in the country to shore up its regional profile.  

Secretary of Philippines' department of trade and industry (DTI) Alfredo Pascual eyes more 'halal champions' to direct the country towards becoming the most halal-friendly trade and investment destination in the Asia Pacific region.

'Halal champions' are enterprises or individuals that are already thriving in the halal industry both locally and globally, Pascual said at the Philippine Halal Economy Festival held this week, Philippine News Agency reported. 

These will help the country achieve its target for the local halal industry to grow to 230 billion pesos in trade and investments, generating 120,000 jobs over the next five years.

"Our micro, small and medium-sized enterprises, or MSMEs, is also one of our halal champions. MSMEs are poised to reap significant benefits as we take substantial steps toward their growth in size, scope, and income," the DTI chief said.

The government has enacted laws that will make the Philippines a more investor-friendly country, including Muslims investors around the world. These injunctions include the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, as well as the amendments to the Foreign Investment Act, Public Service Act and Retail Trade Liberalization Act, he added. 

"These laws give more incentives to Muslim investors from around the world, as we invite them to establish and operate their halal enterprises here in the Philippines."

The Philippine Halal Industry Development Plan, a national strategy to reach its trade and investment as well as jobs creation targets, is expected to be announced soon.