The Philippines is actively seeking to broaden its partnerships with Saudi Arabia, focusing on key sectors such as renewable energy and the halal industry, aligning with its strategic national priorities. This initiative follows President Ferdinand Marcos Jr.’s emphasis on renewable energy as a cornerstone of the nation’s climate agenda, as outlined in his 2022 state of the nation address.
Currently, renewable sources account for about 30% of the Philippines’ energy mix, primarily dominated by coal and oil. The government is ambitiously targeting an increase to 35% by 2030 and 50% by 2040, while aiming to enhance public accessibility to renewable energy solutions.
Foreign Affairs Secretary Enrique Manalo highlighted the potential for increased collaboration with Saudi Arabia, especially given the Kingdom’s significant role in both conventional and renewable energy sectors. This was underscored during President Marcos’ visit to Saudi Arabia in October, where he was hosted by Crown Prince Mohammed bin Salman and secured investment agreements worth over $4.26 billion with Saudi business leaders.
Secretary Manalo expressed a desire to leverage Saudi Arabia’s stature as a regional leader to boost investments and explore new opportunities in agriculture, tourism, and the halal industry, amidst the Middle East’s dynamic economic diversification efforts.
The Philippines, with a 10% Muslim population out of nearly 120 million, launched its Halal Industry Development Strategic Plan in January. The ambitious plan aims to capitalize on the global halal market, projected to be worth over $7 trillion, by doubling the industry’s output, creating 120,000 new jobs, and attracting $4 billion in investments by 2028.
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