MANILA – The Department of Trade and Industry (DTI) is encouraging micro, small and medium enterprises (MSMEs) to tap into the Halal industry as it is expected to generate Php 230 billion in Halal trade and investments while creating over 120,000 job opportunities for Filipinos in the next five years.
During the signing ceremony for a Memorandum of Understanding (MOU) between DTI and DK P.O. Fulfillment Company, Inc. (DKPO) held at the Kingsford Hotel in Paranaque City on Monday, DTI Secretary Alfredo Pascual said that the government is taking substantial steps to champion the growth of Halal initiatives in the country.
“Our micro, small, and medium-sized enterprises, or MSMEs, are at the forefront of our Halal initiatives, poised to reap significant benefits,” Pascual said.
Pascual underscored that the Halal industry development initiative forms part of the DTI’s four priorities, namely: (1) promoting regional development; (2) attaining food security; (3) upgrading, upskilling, and upsizing micro, small and medium enterprises; and (4) enabling job skills matching and skills upgrading.
Meanwhile, the MOU between DTI and DK P.O. will provide non-interest based financing opportunities for MSMEs, giving them access into the Halal industry.
According to the DTI, the concept of non-interest financing addresses financial and economic inclusions and supports one of the underlying principles in Islamic financing, such as the absence of “riba” or interest.
The MOU will also provide MSMEs with services and programs for logistics management, quality control and inspection, custom brokerage, insurance, and global sourcing and procurement.
The global Halal industry is a multi-trillion market growing at a constant pace, considering the growing Muslim population of 1.9 billion people.
According to data obtained by the DTI, projections indicate that by 2025, the market value is expected to surge to USD 7.7 trillion.
It has also expanded to cover not only the food and beverage sector but the entire lifestyle industry ranging from clothing, pharmaceuticals, cosmetics, tourism and services, media, and recreation.
