Malaysia vows to deepen collaboration with the Philippines in the Halal economy and strengthen bilateral relations with its ASEAN neighbor.
During the anniversary reception in Makati last week, Malaysian Ambassador Abdul Malik Melvin Castelino highlighted the growing synergies between Malaysia and the Philippines in key sectors, including SME development, digitalization, and advancing the Halal ecosystem.
One notable development is the recent launch of Shariah-compliant banking services by Maybank, a leading Malaysian universal bank, in the Philippines.
Last month, Maybank opened an Islamic banking window at its Zamboanga branch, becoming the first private commercial bank in the country to offer such services. Initially, the branch will provide Islamic current accounts and deposits, with plans to expand its Shariah-compliant offerings in the future.
Zamboanga, home to 37.6 percent of the city’s population who are Muslim, stands to benefit significantly from these new services.
The city’s Muslim population is projected to reach 1 million by 2025, highlighting the growing demand for Halal financial products.
Malaysia has also played a pivotal role in supporting the Philippine Halal Development Strategic Plan, which aims to establish the country as a premier Halal gateway in the region.
The plan is expected to attract P230 billion in investments and generate 120,000 jobs over the next four years. This initiative is set against the backdrop of a rapidly growing global Halal food market, valued at $2,221.3 billion in 2022 and projected to reach $4,177.3 billion by 2028.
As one of the world’s top producers of Halal food, Malaysia has offered its expertise to train officials and workers in the Philippines, particularly in the Bangsamoro region.
Further solidifying its leadership in the global Halal industry, Malaysia is set to host the International Halal Showcase from September 17 to 20 in Kuala Lumpur.
