The Department of Trade and Industry (DTI) has expressed its interest in developing international finance hubs that utilize Shari'ah-compliant financing and investments before Brunei firms on top of pursuing potential collaboration in the areas of oil and gas, renewable energy, and halal in partnership with Filipino firms.
DTI Secretary Alfredo E. Pascual raised the potential collaboration during a meeting with officials from Brunei Shell Petroleum (BSP), Brunei LNG (BLNG), TotalEnergies Brunei, Serikandi Oilfield Services, and Adinin Group of Companies at the sidelines of President Ferdinand Marcos Jr.'s visit to Brunei on May 29.
The meeting also tackled ways in which the country can optimize its approach in attracting Bruneian investments within and beyond RE. With that, Pascual expressed the country's interest to go into Islamic finance.
During the meeting, Pascual highlighted the Philippines' position as an ideal RE investment destination due to its solar, wind, and tidal energy resources, which can be leveraged by Bruneian companies.
“Our country holds tremendous potential for clean energy, with abundant solar, wind, and tidal resources waiting to be harnessed. Brunei’s proven track record in energy projects positions you as a key partner in unlocking this potential. With this, we look forward to the partnerships that this meeting will forge as both of our countries take the lead in Southeast Asia's clean energy future,” Pascual told Brunei firms.
Meanwhile, Pascual also promoted the country as a viable supply chain partner for Brunei's Halal certification system, given the Philippines' abundant agricultural resources, especially for Halal-compliant materials, strong domestic market for Halal products, and large Muslim population.
This potential synergy is aligned with the Philippines' goals to become a regional and international hub for Halal.
“While our total bilateral trade has been growing positively, we recognize the untapped potential that we can further develop. There are exciting opportunities to expand our trade and investment relationships, and we are eager to work with you in exploring these avenues,” said Pascual.
Brunei ranked as the 38th trading partner and 43rd source of foreign direct investments (FDIs) to the Philippines last year.