The Philippines looking to develop its halal market
The new bills, which cover products across beauty and personal care, medicines and meat, look to set up clear, efficient guidelines and bodies to orchestrate and regulate the halal industry within the country.
If passed, they will see standardised recognition and accreditation procedures come into play, along with the introduction of the Philippine Halal Export Development and Promotion Program, the Philippine Export Development and Promotion Board, and the Philippine Halal Accreditation, Development and Promotion Board.
The introduction of the bills positions the Philippines another example of a non-Muslim majority country eager to invest in and grow its halal industry in the APAC region, in further confirmation that the industry’s projected growth is an increasingly serious consideration for brands and governments alike.
Halal across APAC
The halal sector, according to market researchers, is set to record an annual growth rate (CAGR) of just under 10% through to 2020, and is tipped to reach a valuation of US $2.47bn in Asia alone.
The Philippines is the just the latest in the region to turn its attention to the rising potential of the halal market, joining other non-Muslim majority countries such as Thailand, Australia and New Zealand in building domestic output.
Senen M. Perlada, director of the Department of Trade and Industry, has said that compared with these countries, the halal market in the Philippines is lagging, but the new bills will help bring it in line with the wider region.
“The Philippines has a long way to go compared to other non-Muslim majority countries exporting halal products. We have a small market share, but it is growing,” Perlada has said, according the the Business Mirror.
“We have to be together when it comes to exports, otherwise, it will be hard to penetrate other markets if we are not clear about the procedures and the proper authorities concerned,” Perlada said.
