Saudi Press

Saudi Arabia and the world
Sunday, May 11, 2025

Economic zone agency promotes halal industry in Philippines

Economic zone agency promotes halal industry in Philippines

The Philippine Economic Zone Authority has announced it is promoting the domestic halal industry in the country to tap into the rapidly growing regional and global markets.
With the world’s Muslim population accounting for about 1.8 billion people, the global halal market is estimated to be worth more than $7 trillion. A third of it is contributed by the halal food and beverage industry, but the market also covers recreation, travel, financial services, fashion, and many other sectors.

While the Philippines has been looking to expand the market presence of its halal-certified food, especially in Gulf countries, it has also set the development of halal tourism among its priority goals for 2023 to boost arrivals from the Middle East and its own Muslim-majority neighbors such as Malaysia, Indonesia and Brunei.

PEZA, which promotes the establishment of economic zones in the Philippines for foreign investment, recently signed agreements with the country’s central bank to expand the footprint of halal financial services in the country.

“Halal is not only a matter of food but it also includes the matter of halal in logistics tourism, manufacturing ... and financial accessibility,” Aleem Siddiqui Guipal, PEZA’s public relations manager, told the Philippine state broadcaster PTV earlier this week.

“We have signed a memorandum of agreement with Bangko Sentral ng Pilipinas to invite foreign Islamic banks and even local commercial banks to register.”

Foreign investment to create halal hubs in the Philippines has so far come from neighboring Malaysia and Saudi Arabia, Guipal said, but added that the agency was currently focused on the domestic ecosystem and promoting financing among local players, especially small and medium enterprises for the industry’s growth.

“The strategy that we are seeing is, first, to support SMEs (small and medium enterprises) and start-ups so that they will have a mechanism or platform to grow the domestic halal industry,” he said.

PEZA is also involving the relevant authorities mandated with developing the minority Muslim community in the Philippines.

Muslims constitute roughly 5 percent of the nearly 110 million, predominantly Catholic population of the Southeast Asian nation. They live mostly on the island of Mindanao and the Sulu archipelago in the country’s south, as well as in the central-western province of Palawan, and the capital, Manila.

“We also signed an MoU with the National Commission on Muslim Filipinos, and Southern Philippines Development Authority to support the halal industry in the Philippines,” Guipal said.

“It’s also a vehicle of our government to address the socio-economic challenges of the country, in meeting the needs of our countrymen, especially in the southern Philippines.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Trump's Upcoming Visit to Gulf Nations: Investment and Security at the Forefront
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Worldwide Markets Decline as U.S.-China Trade Frictions Intensify
OpenAI Lands Unprecedented $40 Billion Investment
Removing the Political Adversary is Dismantling What's Remaining of Turkey's Economy.
Ex-FIFA President and French Football Icon Acquitted of Corruption Allegations
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
Volunteers in Jeddah Ensure No One Goes Hungry During Ramadan Iftar
New Restaurant Opens in Makkah's Iconic Clock Tower for Ramadan Iftar
Saudi Arabia's Project Masam Removes 552 Houthi Mines in Yemen
Saudi Arabia Fines Over 400 Foreign Trucks for Regulatory Violations
Saudi National Campaign for Charitable Work Reports Significant Donations in Ramadan
Historic Al-Hosn Al-Asfal Mosque Restored in Asir as Part of National Heritage Initiative
KSrelief Expands Humanitarian Efforts in Syria, Sudan, and Lebanon
Saudi Arabia Advocates for Global Water Cooperation at Forum
Madinah Governor Tours Islamic Arts Biennale in Jeddah
Saudi Foreign Minister in Cairo to Lead Meeting on Gaza Developments
Recognition of Saudi and Pakistani Entrepreneurs at Riyadh Ceremony
UAE Announces $1.4 Trillion Investment Plan in the United States
Saudi Arabia Innovates in Soil Quality and Water Conservation
Governor of Taif Engages with Rose and Aromatic Plants Cooperative
Saudi Food and Drug Authority Enhances Preparations for Hajj Season
Saudi Arabia Distributes Aid to Yemen and Romania
Restoration of Historic Al-Qalaah Mosque in Riyadh Underlines Heritage Preservation Efforts
Saudi Arabia Arrests Over 25,000 for Immigration Violations in One Week
UAE’s ADQ and Energy Capital Partners Announce $25 Billion Energy Venture in the U.S.
KSrelief Launches Extensive Ramadan Food Aid Initiative
Ramadan Celebrations Revitalize Historic Jeddah
Makkah Authorities Urge Worshippers to Follow Crowd Management Guidelines
Direct Flights Between Dammam and Damascus Reestablished for Syrian Residents
Saudi Main Index Rises to Close at 11,760 Amid Mixed Market Performance
Moroccan Prime Minister Aziz Akhannouch Visits Prophet's Mosque in Madinah
×