Saudi Chambers Federation Holds Saudi-Philippine Business Forum

The Federation of Saudi Chambers organized today the Saudi-Philippine Business Forum for more than 60 Filipino companies specialized in the sectors of food, finance, energy, and halal products, attended by the Vice President of the Saudi Business Council for Southeast Asian Countries, Abdul Ghani, the Chargé d'Affaires of the Philippines Embassy, Rommel Romato, and several representatives from both countries.

 The forum reviewed the opportunities for Saudi investors in the Philippines' plans to expand its global presence and increase its halal product offerings aimed at attracting investments totaling $4 billion. It also discussed the opening of branches of Saudi banks and financial institutions in the Philippines, where Muslims constitute approximately 10% of the population, in addition to opportunities in the renewable energy sector, particularly solar and wind projects.

 The Philippine authorities have provided incentives and tax facilities to investors, opening up the country's financial system for Islamic banks and developing the infrastructure for agricultural, fish, and animal products to meet the needs of the halal products sector.

 Official entities and companies in the Philippines have shown interest in forming partnerships with investors from the Kingdom to draw Saudi investments in the halal products and Islamic banking sectors, aligning with government plans to position the Philippines as a hub for halal markets in the Asia-Pacific region.

 The forum saw the signing of a memorandum of understanding between the Federation of Saudi Chambers and the Philippine Chamber of Commerce and Industry to bolster trade and investment between the Kingdom and the Philippines.

 The trade volume between the Kingdom and the Philippines reached approximately SAR9 billion in 2023, showing promising prospects for increasing this amount by utilizing potential trade and investment opportunities.