Philippines Targets Four Key Sectors for Investment Growth

The Philippines is targeting four key investment sectors to attract Brunei’s business leaders, highlighting opportunities in agribusiness and food processing, renewable energy, Islamic finance, and the halal industry. During the Philippine Business Forum at the Royal Berkshire Hall, Royal Brunei Polo and Riding Club in Jerudong, Alfredo E. Pascual, Secretary of the Department of Trade and Industry (DTI), presented these sectors as vital areas for potential collaboration and growth.

Strengthening Economic Ties and Bilateral Trade

Pascual emphasized the strong and growing economic relationship between Brunei Darussalam and the Philippines. In 2023, Brunei was the Philippines’ 38th trading partner and 43rd source of foreign direct investment, contributing USD 128,699. Bilateral trade between the two countries has shown a robust recovery from the pandemic, with total trade reaching USD 316 million last year, marking a 28% annual growth rate over the past five years.

“The Philippines is committed to strengthening economic ties within ASEAN, leveraging agreements like the ASEAN Trade in Goods Agreement (ATIGA) and the Regional Comprehensive Economic Partnership (RCEP) to foster deeper business collaboration and enhanced market access,” Pascual stated.

Success Stories and Future Prospects

Joseph C. Tanbuntiong, Chief Business Officer and Head of Jollibee Global at Jollibee Foods Corporation shared the success story of Jollibee in Brunei. Since opening its first store in Brunei in 1987, the chain has expanded to 20 stores, employing over 400 Bruneians. This success underscores the potential for thriving business ventures in Brunei.

Key Investment Sectors Highlighted

1. Agribusiness and Food Processing

Agribusiness and food processing are critical sectors for investment. The Philippines offers significant opportunities in these areas, particularly for Brunei’s business leaders looking to expand their portfolios. The growing global demand for high-quality, processed food products makes this sector an attractive investment.

2. Renewable Energy

Renewable energy is another promising sector. The Philippines is pushing for sustainable energy solutions, aiming to reduce its carbon footprint and enhance energy security. Investment in renewable energy projects, such as solar and wind farms, presents substantial opportunities for Brunei’s investors.

3. Islamic Finance

Islamic finance is gaining traction in the Philippines, with the government creating a conducive environment for its growth. The increasing Muslim population and the need for Sharia-compliant financial products make this sector ripe for investment. The Philippines aims to become a hub for Islamic finance in the region, offering a range of opportunities for Brunei’s business leaders.

4. Halal Industry

The halal industry, encompassing food, cosmetics, fashion, and tourism, is another key area for investment. The Philippines’ growing halal market, supported by strong government initiatives, provides a fertile ground for Brunei’s investors. The Brunei Economic Development Board (BEDB) sees immense opportunities in aquaculture, agriculture, poultry, and food processing within the halal sector.

Collaborative Efforts and Agreements

Haji Musa bin Haji Adnin, Managing Director of Adinin Group of Companies and member of the ASEAN Business Advisory Council (ASEAN BAC) Brunei highlighted the signing of a memorandum of understanding (MoU) on joint ventures and initiatives in agriculture and MSME development. This agreement, made during the Philippines’ President Ferdinand R. Marcos Jr’s state visit, signifies major steps in collaboration to boost economic growth in both countries.

Future Opportunities and Infrastructure Development

Daniel Leong, Acting Chief Executive Officer (CEO) of the Brunei Economic Development Board (BEDB), outlined significant prospects for collaboration, especially in the halal market and tourism projects. Leong noted that Brunei’s unique culture and natural beauty offer great potential for joint ventures in the tourism, logistics, and maritime sectors. Upcoming port expansion and transshipment projects are part of a broader strategy to enhance regional integration and economic cooperation.

Enhancing Trade Flow Through Collaboration

Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim, APEC Business Advisory Council Chair for Brunei and CEO of Standard Chartered Bank Brunei, emphasized the importance of collaboration in enhancing trade flows between Brunei and the Philippines. He highlighted the pivotal role of the private sector and organizations like ASEAN and APEC Business Advisory Councils in facilitating collaborations. By working together, these councils can leverage their networks, expertise, and influence to identify synergies, overcome obstacles, and promote business strategies that benefit both countries.

The Philippines’ targeted approach to attracting investment from Brunei’s business leaders in key sectors such as agribusiness, renewable energy, Islamic finance, and the halal industry is a testament to its commitment to economic growth and regional collaboration. With strong economic ties and a shared vision for prosperity, both nations stand to benefit significantly from these strategic initiatives.

As the Philippines continues to position itself as a prime destination for investment, the focus on these key sectors will undoubtedly play a crucial role in driving sustainable economic development and fostering a mutually beneficial partnership with Brunei.