DAVAO CITY – During the signing of the Memorandum of Agreement (MOA) between the Department of Trade and Industry (DTI) and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) Ministry of Trade, Investments, and Tourism (MTIT) on 10 August 2023, DTI Secretary Fred Pascual highlighted the commitment of both parties in ensuring economic growth and development in the region.
Secretary Pascual stressed, “The DTI and the BARMM through its MTIT are working together through this MOA that will serve as a beacon of hope, a symbol of solidarity, and a vehicle for change for the people of Marawi and its adjacent communities. The MOA we signed today formalizes our partnership in creating a positive and lasting impact in the community as we work together for economic growth and development, specifically by developing businesses and the local halal industry.”
The MOA aims to promote business development in targeted BARMM areas. In particular, the projects and activities shall provide services to project beneficiaries relating to livelihood, entrepreneurship, investment, financial literacy, marketing access, and other services necessary for the establishment of a business, efficiency, and sustainability of business operations, effective business management, and improvement of products or services.
For his part, BARMM Chief Minister Ahod Ebrahim expressed optimism that the agreement will advance economic development in the region and generate higher income and higher quality employment for the people of Mindanao.
The partnership is targeted to assist more than 100 MSMEs, which shall be empowered through capacity building, business counseling, and mentorship leading as Halal practitioners.
Halal is considered a sunrise industry, with a current value of USD 2.3 trillion in the global market, and is seen to grow by almost 50 percent to USD 3.4 trillion next year. Republic Act No. 9997 mandates the promotion and development of the Philippine Halal industry, considering the huge potential market of an estimated 1.9 billion in 2020 globally and is projected to grow up to 2 billion by 2030.
Also present at the MOA signing were DTI Undersecretary Ana Carolina P. Sanchez; DTI Undersecretary Kim B. Lokin; Hon. Mamintal “Bombit” A. Adiong Jr, Governor of Lanao del Sur; Cong. Zia Alonto Adiong, District Representative from Lanao del Sur; Atty. Naguib G. Sinarimbo, BARMM Minister for Interior and Local Government; and Abdul Rashid “Elian” Macala, President, Bangon Marawi Chamber of Commerce & Industry. ♦
Date of release: 10 August 2023