Department of Trade and Industry (DTI) Secretary Alfredo Pascual eyes more ‘halal champions’ in the Philippines to navigate the country’s journey to becoming the most halal-friendly trade and investment destination in the Asia Pacific region.
At the Philippine Halal Economy Festival in Bonifacio Global City, Taguig City Wednesday, Pascual said “halal champions” are enterprises or individuals that are already thriving in the halal industry both locally and globally.
He said these “halal champions” will help the country achieve its target for the local halal industry to grow to PHP230 billion 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.
Pascual said the government has enacted laws that will make the Philippines a more investor-friendly country, including Muslims investors around the world.
These laws 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.
“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,” Pascual said.
“These ventures can cater to our vibrant domestic market on the burgeoning community of local halal consumers, which holds immense promise and potential,” he added.
Moreover, Pascual said the Philippine Halal Industry Development Plan, a national strategy to reach its trade and investment as well as jobs creation targets, will soon come out. (PNA)