Private sector companies can also invest in building capacity to meet the demands of the halal market, which is projected to experience significant growth.
Philippine Halal Export Development and Promotion Board member Sultan Faizal Cocoy Bansao said they can innovate new processes and undertake education and awareness programs and research and development.
Bansao cited the halal certified slaughterhouse in Tanauan City, a pilot project of the Department of Trade and Industry with the local government.
Apart from capacity building, he said the private sector plays a crucial role in commercialization and compliance and collaboration as it positions to take advantage of the opportunities presented by the Philippine halal market.
Bansao is referring to production and distribution of halal products and services, and compliance with halal standards and participation in regulatory framework development.
“The halal ecosystem is a growing market that has vast potential and it is vital to understand the private sector’s role in the industry’s growth and development,” he said during a summit organized by the Philippine Trade Training Center-Global MSME (micro, small and medium enterprises) Academy.
Citing statistics, Bansao said the global halal market is expected to reach $3.7 trillion by 2024.
He said the halal market is multifaceted, including food and beverages, cosmetics and personal care, tourism, logistics, pharmaceuticals, finance, education and training, and packaging and labeling. – Press release