THE GOVERNMENT is hoping to position the Philippines as an emerging hub for herbal medicine manufacturing in response to burgeoning global demand, the Board of Investments (BoI) said.
BoI Supervising Investments Specialist Morinaella Jeusine M. Torgo said the developing natural and sustainable health solutions market presents a strategic opportunity for the Philippines.
“With its rich biodiversity and long-standing herbal medicine practices, the country is well-positioned to lead in the rapidly growing natural health products markets,” she said.
“However, challenges such as low production capacity and inconsistent quality standards persist,” she added.
The BoI and partner agencies organized a three-day training session in Antipolo last month to introduce methods for transforming herbal products into high-value items, thereby helping participants diversify livelihoods and raise incomes.
The natural health products and herbal medicine industry is among BoI’s strategic priorities for promotion and development.
“The timing couldn’t be better. The investment window for herbal medicine and natural health products in the Philippines is wide open,” she said.
“Backed by the Philippine Herbal Medicine Development Plan and strong government support, we are ready to drive health innovation, create rural jobs, and deliver inclusive growth,” she added.
BoI Resource-Based Industries Service Acting Director Francis M. Peñaflor said that developing the industry requires multi-sectoral and multi-agency collaboration.
“Although the training in Rizal province is only a pilot, participants expressed a strong commitment to work closely with anchor firms such as Pascual Laboratories and other herbal processing companies from the Chamber of Herbal Industries of the Philippines, Inc. to increase the supply of high-quality herbal raw materials,” he said.
According to the roadmap, the government aims to integrate herbal medicine into universal healthcare, strengthen value chains, and promote sustainable livelihoods.
BoI-registered herbal medicine manufacturing projects are eligible for income tax holidays, special corporate income tax rates, enhanced deductions for research and development, training and domestic inputs, and value-added tax and duty exemptions. — Justine Irish D. Tabile