Philippines’ Creative Economy Soars to P1.72 Trillion

The Philippines’ creative sector has surged ahead, outpacing overall national economic growth and nearing the P2-trillion mark in 2023. This vibrant economy, encompassing artists, influencers, content creators, and entertainers, expanded by 6.9 percent last year, showcasing its robust dynamism compared to the 5.6 percent growth rate of the country’s total economy.

A Flourishing Sector Fuelling GDP

Despite a slowdown from the 12.2 percent growth rate in 2022, the creative economy impressively contributed 7.1 percent to the Philippines’ gross domestic product (GDP), which stood at P21.05 trillion. This sector’s output of P1.72 trillion highlights its significant economic footprint, dwarfing the revenues of some of the nation’s largest conglomerates.

Diverse Industries Driving Growth

The creative economy in the Philippines is a tapestry of various sectors, including media, digital interactive services, advertising, research and development, and artistic services. It also encompasses cultural expressions, visual arts, music, entertainment, and related activities, all contributing to the sector’s substantial economic impact.

Recovery and Support Post-Pandemic

After a contraction in 2020 due to the pandemic, the creative industry has bounced back, demonstrating resilient growth. This recovery has garnered governmental support, with President Marcos pledging to bolster the creative industries further. With employment in the sector rising by 4 percent to 7.26 million people, the government is prioritizing these industries in its economic strategy, aiming to enhance job quality and generate more employment.

The creative economy’s ascent is a testament to the Philippines’ cultural richness and innovative spirit, positioning it as a critical pillar in the nation’s economic framework.