Creative economy grows to P1.72 T

The value of the country’s creative economy rose by 6.8 percent in 2023 from a year ago as the sector employed more people, according to the Philippine Statistics Authority (PSA).

Preliminary data released by the PSA showed the Philippine creative economy was valued at P1.72 trillion in 2023, higher than the P1.61 trillion in 2022.

The PSA said the creative economy contributed 7.1 percent to the country’s gross domestic product in 2023.

The PSA said the creative economy is composed of industries like audio and audiovisual media activities; digital interactive goods and service activities; advertising, research and development and other artistic service activities; symbols and images and other related activities; 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.

Of the creative industries, symbols and images and other related activities accounted for the biggest share of 31.5 percent or P541.75 billion of the total creative economy in 2023, up by 2.4 percent from P529.12 billion in 2022.

Advertising, research and development and other artistic service activities accounted for a 22-percent share last year.

This was followed by digital interactive goods and service activities with a 21 percent share in 2023.

The PSA said the creative industries employed 7.26 million individuals last year, four percent higher than the 6.98 million headcount in 2022.

Traditional cultural expression activities had the highest share of employment at 35.5 percent in 2023.

Symbols and images and other related activities came in next with a 30.3 percent share of employment in the sector, followed by advertising, research and development and other artistic service activities with 17.8 percent.

The data on creative economy is based on a pilot study conducted by the PSA technical staff.

The PSA said it plans to institutionalize the compilation of the data on the country’s creative economy subject to the approval of the PSA Board and budget from the national government.