• The Department of Trade and Industry and Bangsamoro Ministry of Trade, Investments and Tourism agreed to promote the halal industry and foster economic development in the Bangsamoro Autonomous Region in Muslim Mindanao
• DTI and MTIT signed a MOA on August 10 which aims to promote business development in targeted BARMM areas
• The partnership aims to help more than 100 micro, small, and medium enterprises, which will be empowered through capacity building, business counseling, and mentorship leading as halal practitioners
The Department of Trade and Industry (DTI) and Ministry of Trade, Investments, and Tourism (MTIT) of the Bangsamoro Autonomous Region in Muslim Mindanao have signed a memorandum of agreement to promote the halal industry and foster economic development in BARMM.
“The DTI and the BARMM, through its MTIT, are working together through this MOA that will serve as a beacon of hope, a symbol of solidarity, and a vehicle for change for the people of Marawi and its adjacent communities,” Trade Secretary Alfredo Pascual said in a statement.
“The MOA we signed today formalizes our partnership in creating a positive and lasting impact in the community as we work together for economic growth and development, specifically by developing businesses and the local halal industry,” Pascual added.
BARMM Chief Minister Ahod Ebrahim expressed optimism that the agreement will advance economic development in the region and generate greater income and higher-quality employment for Mindanao.
The MOA, signed on August 10, aims to promote business development in targeted BARMM areas.
In particular, the projects and activities aim to provide services to project beneficiaries relating to livelihood, entrepreneurship, investment, financial literacy, marketing access, and other services necessary for setting up a business, sustainability of business operations, effective business management, and improvement of products or services.
The partnership is targeted to assist more than 100 micro, small, and medium enterprises that will be empowered through capacity building, business counseling, and mentorship as halal practitioners.
Halal is considered a sunrise industry, with a current value of US$2.3 trillion in the global market expected to jump to almost 50% to $3.4 trillion next year.
Republic Act No. 9997 mandates the promotion and development of the Philippine halal industry, considering the huge market projected to grow to 2 billion by 2030 from 1.9 billion in 2020.
