THE Department of Trade and Industry (DTI) expects halal exports to hit $1.4 billion in 2018, up from around $800 million this year, after the passage of the implementing rules and regulations governing the law that seeks to promote goods that are permissible for consumption under Islamic law.
DTI Assistant Secretary Abdulgani Macatoman told reporters that countries in the Arab world have been looking to invest in the Philippines to set up businesses relating to halal products.
“We have a big potential in Mindanao,” he said, citing a captive Muslim market of 11 million consumers.
In the global market, he placed consumption of halal goods at $3.2 trillion, which he said could rise to $10 trillion by 2030.
Mr. Macatoman said the creation of a halal board is called for under Republic Act No. 10817, “An Act Instituting the Philippine Halal Export Development and Promotion Program, Creating for the Purpose the Philippine Halal Export Development and Promotion Board, and For Other Purposes.”
He said investors from Brunei, which has a small land area but a large capacity for financing, had been looking at available areas in Mindanao as well as Luzon.
He said the halal industry comes with an extensive supply chain — from farms to logistics and storage.
He added the country’s potential is significant considering that Singapore and Thailand, which have small Muslim populations, have market shares that are bigger than that of the Philippines. — Victor V. Saulon