The Philippines is exploring fresh collaborations with Saudi Arabia in the sustainability and halal sectors, the Department of Trade and Industry (DTI) announced on Monday.
This development follows the recent signing of an agreement between the Federation of Saudi Chambers and the Philippine Chamber of Commerce and Industry (PCCI) aimed at strengthening economic ties.
The memorandum of understanding, signed in Riyadh last week, is seen as a key step in expanding trade and investment between the two nations, Arab News reported.
According to the DTI, the collaboration “sets the stage for ongoing exchanges that will drive sustainable growth across sectors,” with projects aligned to both countries’ goals in sustainable development, trade expansion, and cultural cooperation.
The PCCI was part of a DTI-led delegation, which included representatives from government agencies and business leaders, who traveled to Saudi Arabia to promote the Philippine halal industry.
Their mission, set to conclude Tuesday, aimed to showcase the Philippines as a reliable partner in the global halal market, which is valued at over $7 trillion. The Philippines has ambitious plans to scale its halal industry, targeting to double its range of halal-certified products and services and generate approximately 230 billion pesos ($4 billion) in investments.
By 2028, these efforts are expected to create around 120,000 jobs.
“This is a good beginning where we can open the gate to collaborate between the two countries … we can restart and redevelop our business ties,” said Elsie Chua, business executive and co-chair of the Philippines-Saudi Business Council in a report on Arab News.
Chua added that there are significant opportunities under Saudi Vision 2030, especially in sectors like construction, food security, and wellness.
Beyond food, the collaboration will look at expanding into cosmetics, wellness products, and other lifestyle sectors.
Chua indicated that a larger delegation from the Philippines is planned for next year, which will include designers, architects, and construction firms to explore new business avenues aligned with Saudi Arabia’s Vision 2030.
Bilateral trade between the Philippines and Saudi Arabia has shown positive growth over the past year, a trend that gained momentum following President Ferdinand Marcos Jr.’s visit to Riyadh in October 2023. During that visit, the Philippines secured over $4 billion in investment commitments from Saudi business leaders.
The latest trade mission highlights the Philippines’ commitment to building high-value partnerships and enhancing its position in the global halal and sustainability markets, as well as Saudi Arabia’s continued interest in expanding its economic ties in Southeast Asia.
