The Philippines plans to dip into the $661-billion Halal market by having an intensified presence in food shows abroad.
Philippine presence in these global activities would serve notice that the Philippines could be a reliable agri-food supplier and a potential site in terms of Halal investments, Trade Secretary Gregory Domingo said Thursday.
“We recognize the positive impact of joining these overseas fairs as contributory to the 21-percent increase to our $2.57-billion food exports so far this year,” said Domingo.
An estimated 1.6 billion Muslims follow the Halal way, an Islamic religious standard that prescribes the use or consumption of products, according to a report on the 2009 World Halal Forum.
The global Halal market is rising with the growing Muslim polulation in Asian nations, including Malaysia, Indonesia, China, India, United Arab Emirates, Bahrain and Saudi Arabia.
The Middle East accounts for 47.8 percent of the global Halal market, with Asia Pacific accounting for 24.1 percent, Sub-Saharan Africa, 7 percent, and Europe, 1.6 percent, Department of Trade and Industry data showed.
Focusing on the $418-billion Asian Halal market is part of a strategic positioning of the country as an attractive Halal food source, which is in line with the Philippine Export Development Plan, the department said.
Because of the similarities in food tastes and preferences, the proximity of dealing with nearby markets, and the free trade agreements that support trade and investments, focusing on Asia makes sense for local manufacturers, the department added. —VS, GMA News