THE government is accelerating efforts to develop its halal industry and expand Islamic banking and finance as part of a broader strategy to integrate more deeply into the global economy, Philippine Ambassador to Indonesia Christopher Montero said at the recent Indonesia Economic Summit (IES) in Jakarta. Speaking during the IES multilateral roundtable discussion on integrating markets through enhanced connectivity, trade and investment in the Islamic world, Montero underscored the Philippines’ commitment to strengthening its participation in the rapidly growing global halal economy. The Philippines, which has the third-largest Muslim population in Southeast Asia, “recognizes the immense opportunities presented by the global halal market,” Montero said. The government has begun implementing a comprehensive halal infrastructure framework to raise standards and align domestic practices with international benchmarks. The global halal market is projected to reach an estimated $2.99 trillion in 2025, driven by rising demand for halal-certified food, pharmaceuticals, cosmetics and services across both Muslim-majority and non-Muslim-majority countries. The Philippine government has stepped up efforts in recent years to position the country as a competitive halal exporter, Montero said. It has harmonized certification processes, enhanced product traceability systems, and promoted halal zones and dedicated industrial parks. Authorities are also working to expand Islamic banking and finance mechanisms to improve financial inclusion, particularly in Muslim-majority areas such as the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Islamic finance, which complies with Shariah principles prohibiting interest (riba) and speculative transactions, has been gaining traction globally as an alternative financial system. Philippine policymakers view its development as a key component in attracting investments from member states of the Organization of Islamic Cooperation (OIC) and strengthening trade ties within the Islamic world. The roundtable discussion was co-hosted by the Indonesian Business Council and the Islamic Chamber of Commerce and Development in connection with the launch of the B57+ Asia Pacific Governance Council. The new platform is a private sector-led regional cooperation initiative among OIC and non-OIC member countries aimed at enhancing trade, investment and economic connectivity across the Islamic world. The Philippines was among the non-Muslim-majority countries invited to join the council, reflecting the growing recognition of its strategic geographic position and economic potential in Southeast Asia. Montero emphasized that deeper engagement with Islamic markets aligns with the Philippines’ economic agenda of diversifying trade partnerships, strengthening supply chains, and attracting foreign direct investment. Participation in initiatives such as the B57+ council is expected to open new opportunities for Philippine exporters, particularly in agriculture, processed food, pharmaceuticals, and halal-certified consumer goods. It also supports Manila’s long-term objective of becoming a reliable halal production hub in the Asia-Pacific region. Analysts note that with rising global demand for halal products extending beyond Muslim consumers to include markets seeking higher standards of quality assurance and ethical sourcing, the Philippines stands to benefit from strategic investments in certification, infrastructure and regulatory reforms.