The partnership established between the Philippines and Malaysia in the halal industry would create more jobs and business opportunities for both countries.
President Ferdinand R. Marcos Jr. on Wednesday, July 26, announced in a joint press conference with Malaysian Prime Minister Anwar Ibrahim that they agreed to convene the next Philippines-Malaysia Joint Commission meeting to discuss priority cooperation in areas of mutual interest, including in the halal industry.
“The agreement between the Philippines and Malaysia to cooperate in this vital sector undoubtedly signifies a significant step towards the creation of more jobs, as well as livelihood and business prospects of our people,” Speaker Ferdinand Martin G. Romualdez said yesterday.
He noted that according to market research, the global halal food market size reached USD2,221.3 billion in 2022, and is expected to reach USD4,177.3 billion by 2028.
“The halal industry holds immense potential. By working together, we can capitalize on the halal market’s vast opportunities, creating new avenues for trade, investment and employment,” Romualdez said.
Malaysia, one of the leading halal industries in the world, has offered its expertise to train Philippine personnel and officials in this sector, particularly those in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), as well as in other areas of cooperation.
As such, the House speaker said the partnership between the two countries in the industry would bolster the competitiveness of Philippine businesses, particularly in the agri-food sector.
With this development, he reiterated the commitment to consider measures that would help our country benefit from the revitalized ties between the Philippines and Malaysia.
He cited, among others, House Bill No. 07118 which seeks to amend Republic Act No. 9997, otherwise known as the National Commission on Muslim Filipinos Act of 2009, seeking to promote local halal enterprises and product development.
“The House of Representatives stands ready to support any legislative measures necessary to facilitate the successful implementation of this bilateral cooperation in the halal industry. We will work in tandem with the executive branch to create an enabling environment that fosters innovation, investment, and responsible business practices,” Romualdez said. (PNA)/PN
