Trillion dollar market to tap by Brunei in the Philippines after President Duterte meets Brunei Sultan Hassanal Bolkiah during his state visit.

On Monday (October 17, 2016), in a media briefing Trade Secretary Ramon Lopez said after Duterte meets Bolkiah, Brunei committed to help the Philippines to enable the country to tap trillion-dollar market.

Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) aims to restore the maximum trade relation of the country to Brunei and other countries according to Lopez.

Since Duterte was elected as Philippine president, Brunei was the first country he visited. Then the president flight to China to boost the economic ties as a part of his ASEAN tour.

The country has prevented from having the advantage of the lucrative market due to lack of organized halal certification. Brunei’s help will enable the Philippines to certify halal products.

 “We have our own certification in our country but as we try to put more emphasis in creating halal certified products, we need the credibility of the certification procedure so that we can really export halal productions,” said by Lopez quoted by Rappler.

Brunei has the expertise when it comes to halal certification with estimated of about $2 trillion halal markets in the world. Lopez also said that they had a great discussion of exploring opportunities in developing halal products.

The Trade Secretary also said the Philippines has now a fast growing economy, Brunei companies also want to explore more opportunities as the president asked them to invest in the country.


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