The Philippines’ creative economy witnessed significant growth, reaching a value of P1.72 trillion in 2023, a 6.8 percent increase from the previous year, according to the Philippine Statistics Authority (PSA).
This sector contributed 7.1 percent to the country’s GDP last year. Comprising various industries such as audiovisual media, digital interactive goods and services, advertising, and artistic services, the creative economy employed 7.26 million individuals, showing a four percent rise from 2022.
Symbols and images, along with related activities, represented the largest share of the creative economy, followed by advertising and digital interactive services.
Traditional cultural expression activities accounted for the highest share of employment within the sector.
The PSA plans to institutionalize data compilation on the creative economy, pending approval from the PSA Board and budget allocation from the government.
Source: PhilNews24 | March 25, 2024
