According to the Philippine Statistics Authority (PSA), the value of the Philippines’ creative industries increased by 12% last year from 2021.
Preliminary data released by the PSA yesterday showed that the country’s creative industry totaled 1.6 trillion pesos last year, up from 1.43 trillion pesos in 2021.
The creative industries contributed 7.3% to the country’s gross domestic product last year, according to PSA.
Within the creative industry, symbols and images and other related activities accounted for the highest share of the overall creative industry at 32.9% or P528.35 billion last year, up 10% from P480.41 billion in 2021 Increased.
Next came advertising, research and development, and other art services activities, which contributed 20.8%, or a value of P333.92 billion.
It was followed by Digital Interactive Goods and Services activity, which accounted for 20.3% or Ps.325.44 billion in value.
According to PSA, 6.98 million Filipinos were employed in the creative industry last year, up 10.5% from 6.32 million in 2021.
Traditional cultural expression activities had the highest share in employment in the creative economy last year with 42.5 percent.
Symbols and images and other related activities placed second with a 24.8 percent share in employment in the creative economy, while advertising, research and development, and other artistic service activities came in third with an 18 percent share.
The PSA said 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.
With the growing supply and demand for innovative and creative goods and services, it said it is important to capture the economic contribution of the country’s creative sector.
“The PSA plans to institutionalize the compilation of the Philippine Creative Economy Satellite Accounts subject to the approval of the PSA Board and provision of budgetary support from the national government,” the agency said.
