13 August 2019
Published also in Business Mirror
Sen. Cynthia A. Villar has encouraged entrepreneurs across Zamboanga Peninsula to cash in on the huge global market demand for halal products, and make their region a gateway to Mindanao as the halal capital of the country.
Villar said they have to get “serious” about making halal products, as she asked the Department of Trade and Industry (DTI) to assist them in promoting halal exports.
“The global market for halal food and lifestyle products is expected to reach $10.5 trillion by 2024. Kaya ang laki-laki po ng [the] market [is really huge] for halal products. The extent of market opportunities is quite varied and diversified,” she said during the opening of Zamboanga Peninsula Exposition (ZAMPEX) 2019 held here recently.
Villar said business opportunities are offered by various industries ranging from food, beverages, cosmetics, personal care, pharmaceutical, health care, tourism, among many others.
The senator pointed out that the halal market size is expected to expand tremendously, along with the growth in the Muslim population, which is projected to rise to 2.2 billion in 2030 or nearly 26 percent of the world’s population.
“And of course the disposable income of Muslim is also on an upward trend. Consumption of halal products among non-Muslim consumers is also on the rise which is expected to fuel global demand,” she said, noting the global demand is also coming from the Asia-Pacific region.
Meanwhile, the five-day ZAMPEX 2019, which was held at the SM Megamall in Mandaluyong City, targets to double last year’s sales of P25 million of the micro, small and medium enterprises (MSMEs) from Zamboanga Peninsula.