Philippine Firms Land $100M Deals at Saudi Halal Expo 2024

Imagine a nation carving its place in a booming $7 trillion global industry, bridging cultures, and redefining its economic future. That’s precisely what the Philippines has achieved at the Saudi Halal Expo 2024. Held in Riyadh from October 28 to 30, this monumental event saw Philippine companies clinch an astounding $100 million in deals, solidifying the country’s reputation as a rising force in the halal market. This isn’t just about numbers; it’s a testament to the Philippines’ commitment to providing world-class halal-certified products and services. With a vision of creating a sustainable and competitive halal ecosystem, the country is stepping boldly onto the global stage, fostering economic growth and cultural exchange. Let’s dive into how this milestone was achieved and why it’s a game-changer for the Philippines.

Saudi Halal Expo 2024

The Saudi Halal Expo 2024, an annual event that has become a cornerstone for the global halal industry, served as a dynamic platform for stakeholders worldwide to showcase the latest innovations, research, and developments in halal-certified products and services. With participants from over 40 countries, the expo provided a space for business-to-business (B2B) meetings, networking, and the promotion of diverse halal products ranging from food and beverages to tourism and finance.

The event’s significance lies not only in its ability to connect markets but also in its role as a catalyst for global economic growth. According to the Global Islamic Economy Report 2024, the global halal market is valued at over $7 trillion, encompassing food, pharmaceuticals, cosmetics, tourism, and financial services. For countries like the Philippines, participation in such events is vital to tapping into this booming industry.

The Philippines’ Strong Showing at Saudi Halal Expo 2024

Led by the Department of Trade and Industry (DTI), the Philippine delegation included 64 representatives, with 12 Filipino companies under the government’s “Halal-friendly Philippines” brand. This initiative aims to position the Philippines as a key halal market hub in the Asia-Pacific region. The showcased products ranged from halal-certified seafood and pre-cooked meals to beverages and health supplements, reflecting the ingenuity and diversity of Filipino industries.

Aleem Guiapal, head of the DTI’s Halal Industry Taskforce, emphasized the pivotal role of overseas Filipino workers (OFWs) in driving demand for halal-certified products. With over a million Filipinos residing in Saudi Arabia, the Middle East serves as a natural market for these products. “The presence of OFWs in the Middle East is a captured market for Filipino halal products,” Guiapal explained. “Institutional buyers, such as supermarkets and industries, also recognize the value of Filipino innovation in products and cuisine.”

The $100 million in deals was primarily driven by high-demand items like halal-certified seafood and pre-cooked meals. These products resonated strongly with both individual consumers and institutional buyers at the expo. Filipino companies leveraged the B2B meetings to secure partnerships with international supermarkets, restaurants, and food distributors, underscoring the global appeal of the Philippines’ halal offerings.

Additionally, the appeal of Filipino halal products lies in their unique blend of flavors, quality assurance, and adherence to international halal standards. For instance, pre-cooked meals offered convenience for busy consumers, while halal-certified seafood provided freshness and compliance with dietary requirements. The adaptability of these products to varying markets has proven to be a game-changer.

A Government-Driven Vision

The Philippine government celebrated this achievement as a significant step toward realizing its strategic goals for the halal sector. Cristina A. Roque, the DTI’s Secretary, remarked, “This success reflects the Philippines’ strategic vision under Bagong Pilipinas to establish a strong and sustainable halal ecosystem that meets global demand. It is also a testament to the collective efforts of our industries and the government to drive business growth, attract international investments, and create meaningful job opportunities for Filipinos and the global halal community.”

The government’s “Halal-friendly Philippines” campaign is part of a broader initiative to position the country as a competitive player in the $7 trillion global halal economy. This vision includes expanding the country’s halal-certified products and services, attracting $4 billion in investments, and creating 120,000 jobs by 2028.

Efforts are underway to introduce policies that streamline the halal certification process, provide tax incentives to halal-certified businesses, and promote research and development in the halal industry. These measures are designed to enhance the competitiveness of Filipino halal products on the global stage.

The Rising Halal Ecosystem in the Philippines

Although predominantly Catholic, the Philippines is home to a significant Muslim population, comprising about 10% of its nearly 120 million people. The government’s commitment to fostering a robust halal ecosystem is evident in its policies, infrastructure development, and international partnerships.

Recent years have seen a surge in halal certifications for Filipino products, supported by collaborations with global standard-setting bodies. The Philippines has also invested in education and training programs to increase awareness of halal standards among businesses and consumers. These efforts aim to build trust in Filipino halal products and ensure their competitiveness in international markets.

Moreover, the Philippines has developed several halal-certified processing facilities to meet international standards. These facilities, located in strategic regions, cater to a diverse range of products, from food and beverages to cosmetics and pharmaceuticals. The expansion of these facilities ensures that Filipino products meet the rigorous requirements of global halal markets.

Halal Market Growth

The global halal market is witnessing exponential growth, fueled by rising demand from Muslim-majority countries and non-Muslim consumers seeking ethical and high-quality products. According to DinarStandard, the global expenditure on halal food alone is projected to reach $2 trillion by 2025. Non-food sectors, including halal pharmaceuticals, cosmetics, and travel, are also experiencing rapid expansion.

For the Philippines, this represents a golden opportunity to diversify its exports and strengthen its economic resilience. By focusing on halal-certified products, the country is not only catering to the needs of Muslim consumers but also addressing a broader audience that values quality, safety, and ethical practices.

While the Philippines has made significant strides in the halal market, challenges remain. These include the need for more halal-certified facilities, greater awareness of halal standards among businesses, and stronger global branding efforts. However, the government’s proactive approach, combined with the private sector’s innovation, is paving the way for sustained growth.

Events like the Saudi Halal Expo 2024 provide a platform to address these challenges and showcase the Philippines’ potential. By participating in such high-profile events, Filipino companies gain valuable insights into global trends, establish crucial partnerships, and enhance their visibility in the competitive halal market.

The success of the Saudi Halal Expo also sheds light on the importance of fostering innovation. Filipino companies are increasingly adopting advanced technologies, such as blockchain for supply chain transparency and AI-driven analytics to understand consumer preferences. These innovations not only enhance the efficiency of production and distribution but also increase the trustworthiness of halal certifications.

The Role of Overseas Filipino Workers

OFWs in the Middle East play a vital role in promoting Filipino halal products. Their demand for familiar and high-quality food items creates a consistent market for exporters. Additionally, OFWs serve as cultural ambassadors, introducing Filipino cuisine and products to their local communities and workplaces. This dynamic has helped Filipino halal products gain traction in Middle Eastern markets and beyond.

OFWs also facilitate market entry by acting as influencers within their local networks. Their recommendations and advocacy for Filipino products have made a significant impact on consumer behavior in the Middle East, further solidifying the Philippines’ position in the global halal market.

Future Plans

The Philippine government’s roadmap for the halal sector includes expanding export markets, increasing the number of halal-certified products, and fostering innovation through research and development. Key areas of focus include:

• Infrastructure Development: Establishing halal certification centers and processing facilities to meet international standards.

• Capacity Building: Training programs for businesses to understand and implement halal standards effectively.

• Marketing and Branding: Strengthening the “Halal-friendly Philippines” brand through targeted campaigns and international collaborations.

• Public-Private Partnerships: Encouraging collaborations between government agencies and private companies to enhance the supply chain and distribution network.

By prioritizing these areas, the Philippines aims to become a leading supplier of halal products and services in the Asia-Pacific region and beyond.

The success of the Philippines at the Saudi Halal Expo extends beyond immediate financial gains. It strengthens trade relationships between the Philippines and Gulf Cooperation Council (GCC) countries, opening doors for future economic cooperation. This success also boosts the confidence of Filipino entrepreneurs, encouraging them to explore halal markets in other regions such as Southeast Asia, Europe, and North America.

Additionally, the focus on halal products contributes to the government’s broader economic goals, such as poverty alleviation and job creation. By tapping into the halal market, the Philippines creates a ripple effect that benefits farmers, manufacturers, exporters, and service providers across the value chain.

A Transformative Moment

The $100 million in deals secured at the Saudi Halal Expo 2024 marks a transformative moment for the Philippines’ halal industry. It reflects the country’s ability to compete in the global halal market and underscores its commitment to building a sustainable and inclusive halal ecosystem. Through strategic government initiatives, private sector innovation, and the unwavering support of overseas Filipino workers, the Philippines is poised to become a major player in the $7 trillion global halal economy.

As the global demand for halal-certified products continues to rise, the Philippines’ proactive approach ensures it remains at the forefront of this dynamic and lucrative industry. The success at the Saudi Halal Expo 2024 is just the beginning of a promising journey toward economic growth, cultural exchange, and global recognition.

The Philippines’ success at the Saudi Halal Expo 2024, securing $100 million in deals, underscores its growing influence in the global halal market. By adopting advanced technologies like blockchain for transparency and AI for consumer insights, fostering innovation across industries, and leveraging the unique market presence of overseas Filipino workers (OFWs), the country is carving a significant niche in the $7 trillion halal economy.

This achievement highlights the Philippines’ ability to produce world-class halal-certified products and services while building stronger economic and cultural ties globally. As the nation continues to expand its halal ecosystem through strategic government initiatives, private sector collaboration, and international partnerships, it is well on its way to becoming a leader in the halal market, driving sustainable growth, creating jobs, and enhancing its global economic footprint.