PH creative economy nears P2-trillion mark

MANILA, Philippines — The local creative economy outpaced the growth of national output in 2023 to deliver P1.72 trillion in total value, creating more jobs and making a bigger contribution to gross domestic product (GDP).

Data released on Thursday by the Philippine Statistics Authority (PSA) showed that the creative economy—which includes artists, influencers, content creators and entertainers—grew by 6.9 percent last year, faster than the 5.6-percent growth of the overall economy. However, the growth last year was slower than the 12.2-percent expansion of the creative industry in 2022.

Despite the slower growth, the PSA said the sector managed to contribute 7.1 percent to the Philippine GDP last year, when the country delivered an economic output of P21.05 trillion.

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With an output contribution of P1.72 trillion, the creative economy has grown to reach nearly double the size of some of the country’s largest conglomerates like San Miguel Corp., whose gross revenues exceed P1 trillion a year.

The creative economy is composed of industries engaged in audio and audiovisual media activities; digital interactive goods and service activities; advertising, research and development, and other artistic service activities; as well as symbols and images and other related activities.

Industry components

Also included in this growing sector are businesses in media publishing and printing activities; music, arts and entertainment activities; visual arts activities; traditional cultural expression activities; and art galleries, museums, ballrooms, conventions and trade shows and related activities.

PSA data showed that the growth of creative economy has recovered since contracting by 9 percent in 2020 due to pandemic lockdowns. As the sector continued to expand, President Marcos himself vowed to provide more support to the creative industries.

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Broken down, firms in the symbols and images industry contributed the most to the creative economy in 2023 with an output of P541.75 billion, up by 2.4 percent. Advertising, research and development, and other artistic service activities contributed 21.9 percent, while digital interactive goods and service activities had a share of 21.1 percent.

State statisticians estimated that there were 7.26 million people employed in creative industries last year, up by 4 percent. Most of the jobs were in companies engaged in traditional cultural expression activities, which accounted for 35.5 percent of total employment in the sector.

Earlier this month, Secretary Arsenio Balisacan of the National Economic and Development Authority said the local creative industry would be the government’s top priority in crafting the “master plan” under a new law meant to generate more employment in the country and improve the quality of jobs.