PH Creative Economy Soars Beyond P1 Trillion in Value
2022 was a good year for the Philippine creative economy, which includes media publishing, visual arts, advertising, and audiovisual media.
The Philippine Statistics Authority (PSA) has revealed that the value of the Philippine creative economy rose to PHP 1.60 trillion in 2022. This is a 12% increase from its value in 2021, which was at PHP 1.43 trillion.
The country’s creative economy contributed 7.3% to the gross domestic product (GDP) in 2022 as well.
The agency says that “creativity is seen to play an important role in improving the economic performance of the country as it can attract potential investments and promote competitive advantage.”
Philippine Creative Industries in Numbers
The industries that belong under the creative economy are:
- Audio and audiovisual media
- Digital interactive goods and services
- Advertising, research and development, and other artistic services
- Symbols and images and other related activities
- Media publishing and printing
- Music, arts and entertainment
- Visual arts
- Traditional cultural expression
- Art galleries, museums, ballrooms, conventions and trade shows
Numbers show that, among the creative industries, symbols and images and other related activities contributed the most to the country’s creative economy in 2022 with PHP 528.55 billion. Advertising, research and development, and other artistic services came in second with PHP 333.92 billion. Meanwhile, digital interactive goods and services were third with PHP 325.44 billion.
Employment in the Creative Industries
Aside from displaying significant growth, the creative economy also shows an increase in employment numbers. In 2022, 6.98 million Filipinos found employment in the different industries that fall under the Philippine creative economy. This number is 10.5% higher than 2021.
42.5% of those employed in the country’s creative industries fall under traditional cultural expression, while symbols and images and other related activities account for a 24.8% share in employment. Coming in third is research and development, and other artistic services with 18%.
With the demand in goods and services that fall under the creative industries expected to rise, the Philippine creative economy is poised for in the coming years.
