Secretary Abdurahim;
IIFC Delegates;
Excellencies and Members of the Diplomatic Corps;
Distinguished guests, good morning.

I am honored to join you today as we mark the 5th International Islamic Finance Conference of the National Commission on Muslim Filipinos (NCMF).

The Department of Finance has long championed the integration of Islamic finance into the Philippine financial system, recognizing its vital role in advancing financial inclusion, ethical investing, and sustainable development.

In 2019, the DOF was instrumental in the passage of the Islamic Banking Act, which laid the foundation for the development of a robust and inclusive Islamic finance ecosystem in the country.

In December 2023, we made history with the Philippines’ first-ever Sukuk bonds––a major step in growing Islamic banking and finance in the country.

The maiden issuance was met with strong demand, with the orderbook oversubscribed nearly five times. This allowed the government to secure favorable terms to raise funds for public projects, while providing Islamic community with a meaningful opportunity to invest.

Building on this success, we are actively exploring future issuances in the Islamic bond market.

In 2024, the Insurance Commission issued the first takaful operator’s licenses, marking another significant milestone for Islamic finance in the Philippines.

The IC has so far issued licenses to Pru Life, Etiqa, Stronghold Insurance Company, Inc, and CARD Mutual Benefit Association, Inc.

What’s great about this is that takaful opens the door to ethical, cooperative insurance solutions that are available to all Filipinos.

Moreover, the IC has made insurance products more affordable and accessible for the Islamic community by introducing micro takaful products.

The DOF championed the policy mandating PDIC to insure Islamic deposits.

Just last year, the PDIC operationalized this mandate by extending coverage to Islamic banks and Islamic banking units, providing a maximum deposit insurance coverage of PHP 1 million per depositor, per bank.

Depositors of Islamic banks now have the same level of protection as those in conventional banks.

But we do not stop here. Due to the unique characteristics of Islamic banking, the PDIC will be formulating guidelines for the transition from conventional insurance coverage of Islamic deposits to a Shariah-compliant framework, in order to better serve the Muslim community.

Beyond these, the DOF continues to actively support the growth of Islamic finance, through its membership in the Shari’ah Supervisory Board in the BARMM.

We are here to ensure that Islamic finance operates within sound governance frameworks while advancing regional development and economic empowerment.

The BIR has also made efforts to support the development of Islamic finance by issuing policies on tax neutrality.

By aligning the tax treatment of Islamic and conventional products, the BIR removes structural disadvantages, encourages banks and investors to participate, and supports financial inclusion.

This year, the Philippines as ASEAN Chair has a unique opportunity to deepen regional integration, attract investments, and expand access to finance, particularly for Muslim communities.

And so I encourage the NCMF to further advance its Islamic finance initiatives and capitalize on this opportunity to strengthen the country’s position in the regional Islamic finance landscape.

A robust Islamic finance ecosystem will help put the spotlight on our fellow countrymen in the south and drive sustainable economic growth in the region.

With this, the DOF remains committed to supporting the NCMF as it expands access to finance and strengthens inclusive growth.

Together, we have the opportunity to build a future that is prosperous, resilient, and inclusive for every Filipino across the nation.

Maraming salamat po sa inyong lahat.