BOI, CITEM to push PH as among the top ASEAN creative economies

Two agencies of the Department of Trade and Industry (DTI) -- the Board of Investments (BOI) and the Center of International Trade Expositions and Mission (CITEM) – support the vision of the Creative Economy Council of the Philippines (CECP) to put the country in the top five creative economies in Asia Pacific alongside South Korea, Japan, China, and India by 2030.

“A creative industry that generates jobs and new entrepreneurs is among the priorities of the Philippine government for the benefit of the economy,” Trade and Investments Promotion Group (TIPG) Undersecretary Nora K. Terrado said during the recent media conference held to formally present the upcoming CREATE Philippines.

To be unveiled in time for the 66th Manila FAME on October 20-22, CREATE Philippines will be an annual industry promotion platform to showcase the Philippines’ Creative and Content Industries to the international market. It is where creative professionals gather, connect, and catalyze new business through an open system that encourages sharing of innovative business ideas and collaborative opportunities. CREATE Philippines will focus on fast-growing creative sectors such as Visual Arts & Graphic Design, Communication Design, Advertising Content & Production, Film & Animation, Digital Games & Apps, and Music & Performing Arts.

Creative industries, such as animation and game development, fall under the fast-growing IT-BPM industry which the government pins its high hopesto dueto its huge financial contribution to the Philippines’ economy. The IT-BPM industry generated more than $25 billion in revenue in 2016, and is expecting to double that with $40 billion and provide 1.8 million additional jobs by 2022.

The services industry belongs to the strongest and fastest growing sectors in the country. Fifty seven percent of the nation’s income in 2014 came from the services sector, which includes the Information Technology and Business Process Management (IT-BPM) sector.