DTI Secretary Alfredo Espinosa Pascual highlighted Qatar ’ s potential to boost critical sectors like agribusiness and renewable energy , as well as infrastructure and publicprivate partnership ( PPP ) projects .

Pascual also mentioned prospects in artificial intelligence ( AI ), information technology , and business process management ( IT-BPM ), as well as manufacturing , oil and gas , processed and speciality food ( halal food ), and tourism .

The Philippines ’ focus on these sectors is sensible , as each plays an essential role in building a comprehensive halal ecosystem . They ensure that all stages of production , certification , and distribution adhere to halal standards and meet consumer expectations .

According to Pascual , the halal industry ’ s growth potential largely depends on the nation ’ s strategic efforts to streamline halal certifications . There is a focused effort to simplify and shorten the certification process for Philippine halal products destined for Qatar .

The goal is to lessen the administrative challenges faced by exporters and create smoother trade channels between the Philippines and Qatar . This approach is intended to improve trade efficiency and strengthen economic ties between the two countries .

“ We are actively working towards establishing the Philippines as a manufacturing and logistics hub in Asia , particularly for halal products ,” said Pascual .

He also spoke to Gulf Times about the Philippine government ’ s intent to seek Qatari investments , particularly in the renewable energy sector . This strategic move attempts to boost energy self-reliance and mitigate climate change impacts .

As of December 2022 , the Philippines had approved 1,002 renewable energy projects . These projects include significant investments in wind and solar technologies .

Besides that , Pascual also discussed the importance of the IT-BPM sector to the

Ferdinand ‘ Bongbong ’ Romualdez Marcos Jr

Alfredo Espinosa Pascual

Philippine economy . In fact , the IT-BPM industry was valued at US $ 35 billion in 2023 and employed 1.7 million people .

According to the IT and Business Process Association of the Philippines ( IBPAP ), the sector is projected to reach US $ 59 billion by 2028 . This sector supports industries essential to the aerospace , automotive , and electronics supply chain .

The DTI also prioritises PPP infrastructure projects , particularly in renewable energy , waste management , logistics , and disaster mitigation . These sustainable infrastructure projects are crucial for achieving global clean growth and climate resilience and present significant investment opportunities for Qatari companies .

Under President Ferdinand ‘ Bongbong ’ Romualdez Marcos Jr .’ s administration , there is a renewed commitment to expanding its infrastructure program , now renamed ‘ Build , Better , More ’.

Through this initiative , Marcos approved 198 high-impact flagship projects worth P8.8 trillion ( US $ 155 trillion ). These projects aim to drive economic growth and establish the Philippines as Asia ’ s leading halal product manufacturing and logistics hub .

Additionally , there is a concerted push to simplify and expedite the certification processes required for Philippine products destined for Qatar .

Streamlining these certification procedures aims to lighten the administrative load on exporters and create smoother trade pathways between the Philippines and Qatar . This strategy aims to foster greater trade efficiency and bolster economic ties between the two nations .

THE UAE Ministry of Finance ( MoF ) and the Central Bank of the UAE ( CBUAE ) held an auction for the Islamic Treasury Sukuk ( T-Sukuk ). It ’ s a strategic initiative by the federal government to enhance its financial markets and provide investment opportunities .

This successful collaboration between the MoF , the issuer , and the CBUAE , as the issuing and paying agent , was instrumental in bringing T-Sukuk to the market . Their joint efforts and expertise were crucial to the success of the auction .

The auction received substantial interest for the third quarter of the fiscal year 2024 , mainly from eight primary dealers . Bids totalled AED6.76 billion , and the oversubscription rate was 6.1 times . This indicates that the demand significantly exceeded the supply .

The three-year tranche of the T-Sukuk achieved a competitive yield to maturity ( YTM ) of 4.77 per cent . On the other hand , the five-year tranche achieved a YTM of 4.43 per cent . These yields were one to three basis points ( bps ) lower than the United States ( US ) Treasuries with similar maturities .

Overall , the programme helps establish a comprehensive range of interest rates issued and traded in UAE dirhams . It ensures transparency in the local market for sukuk pricing . Besides , T-Sukuk also guarantees investors secure and shariah-compliant investment options .

The T-Sukuk programme is also believed to strengthen the local debt capital market by enhancing financial infrastructure . This will attract more investors and boost the market ’ s credibility .

Beyond that , the programme seeks to support the sustainable growth of the UAE ’ s economy by promoting Islamic finance instruments like T-Sukuk .

The Bahrain Institute of Banking and Finance ( BIBF ) and the Islamic Development Bank Institute ( IsDBI ) organised a two-day virtual training programme . It sought to address the specific risk management requirements of Islamic financial institutions .

The programme , ‘ Risk Management and Stress Testing for Islamic Financial Institutions ,’ is intended to equip participants with industry-relevant knowledge . Its main objective is to ensure best practices in risk management within the Islamic finance industry .

“ We are delighted to have collaborated with the Islamic Development Bank Institute to deliver this timely and valuable training program ,” said BIBF Chief Executive Officer ( CEO ) Dr Ahmed Al Shaikh .

The training encompassed various

critical topics to provide comprehensive knowledge of risk management in Islamic finance . This included the fundamentals of risk management specific to Islamic finance , ensuring participants understood the basics .

Regulatory requirements and guidelines for risk management were also covered , stressing compliance with industry standards .

Participants also learned to develop robust stress testing frameworks for Islamic banks , assessing financial stability under adverse conditions . The training also tackled integrating shariah principles into risk management practices , which ensures financial activities are aligned with Islamic laws .

Apart from that , the training touched on liquidity risk management and capital adequacy , which are vital for maintaining the financial health of

Islamic banks . One topic reviewed the emerging risks for Islamic financial institutions and analysed how they affect institutions following Islamic Financial Services Board ( ISFB ) standards .

IsDBI Senior Islamic Finance Specialist Dr Abozer Mohamed served as the facilitator . He led the training programme in a highly interactive format , including case studies , presentations , and group discussions . This format allowed participants to share their insights and recommendations , fostering collaborative learning .

Not to mention , the programme ’ s virtual format enabled participants from the Middle East and other regions to join . This further increased the diversity of perspectives and insights shared during the sessions , enriching the learning experience .