According to MSMEs in Philippines' halal industry get funding boost | Inquirer Business, in order to provide low-cost funding to help the regional halal sector, the Department of Trade and Industry (DTI) inked a memorandum of understanding (MOU) on Monday with the solutions and management consulting business DK P.O. Fulfillment Company Inc. (DKPOFCI).
Micro, small, and medium-sized businesses (MSMEs) in the local halal trade stand to gain from the change. The government anticipates that this industry would create P230 billion in trade and investments over the next five years, in addition to 120,000 employments.
Leading the nation's Halal initiatives are the MSMEs in the Philippines, who stand to gain a great deal from them. Trade Secretary Alfredo Pascual stated during the signing ceremony in Parañaque City that the Department of Trade and Industry is making significant efforts to support its expansion in this field.
According to MSMEs in Philippines' halal industry get funding boost | Inquirer Business, the MOU states that the DTI and the DKPOFCI would offer MSMEs noninterest-based financing options, giving them a way to integrate into the regional halal sector.
As part of the MOU, MSMEs will also get programs and services for quality control and inspection, global sourcing and procurement, insurance, custom brokerage, and logistics management.
According to DKPOFCI executive chair Antonio Intal, DK strongly feels that a program addressing the creation of an end-to-end entrepreneurial ecosystem would be necessary for the halal business to truly flourish.
The DTI plans to introduce a national strategy to expand the sector in order to better support the local halal business.
Additionally, it will prompt nine government departments to establish an interagency task group tasked with formulating a roadmap to establish the Philippines as the Asia-Pacific region's most halal-friendly center for commerce and investment.
On November 21, according to MSMEs in Philippines' halal industry get funding boost | Inquirer Business, the Department of Trade and Industry and the Philippine Halal Board member agencies will also host the Halal Economy Festival. This event will include business-to-business meetings, a trade and investment forum with prominent speakers from international halal authorities, halal cuisine and culture, and displays of halal-certified goods and services.
