Creative economy’s value nears PHP 2-T in 2024

The value of the Philippines’ creative economy neared PHP 2 trillion in 2024, the statistics agency said on Thursday.

Data from the Philippine Statistics Authority (PSA) showed the gross value added (GVA) of the country’s creative industry-related activities expanded by 8.7% year on year to PHP 1.94 trillion in 2024 from P1.78 trillion in 2023.

However, the creative sector’s growth slowed from the 9.9% seen in 2023, and 13.3% in 2022.

With a GVA of P1.94 trillion, the creative economy accounted for 7.3% of the Philippines’ gross domestic product (GDP) at current prices in 2024, same as in 2023.

The creative economy is composed of industries such as film, digital services, research and development, media publishing, music, arts, entertainment, advertising, art galleries, museums and trade shows,” according to the PSA.

According to PSA data, symbols and images and other related activities had the largest share at 33% or PHP 640.29 billion of the sector’s total gross value added in 2024. These include manufacturing and trading of symbols and images in textiles, fashion, toys, footwear, furniture and other accessories.

Advertising, research and development, and other artistic service activities accounted for a 21% share or PHP 414.53 billion, while digital interactive goods and service activities contributed 20.6% or PHP 398.95 billion.

Meanwhile, media publishing and printing made up 10.4% or PHP 201.45 billion of the industry’s total gross value added.

In 2024, there were 7.51 million employed in the creative industries, rising by 3.9% from 7.23 million in the previous year.

“The share of employment in creative industries to the total employment in the country was at 15.4% in 2024,” the PSA said.

Of the total jobs in the creative sector, 36.6% are from traditional cultural expression activities, or equivalent to 2.75 million jobs.

Symbols and images and other related activities employed 2.21 million, representing 29.5% of the industry’s jobs.

This was followed by advertising, research and development, and other artistic service activities that accounted for 17.9% or 1.34 million of the total jobs in the creative economy.

“The creative economy has grown without any significant support from the government. It is crucial then that government intervention creates no blocks for this sector to grow,” Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University said via Facebook Messenger on Thursday.

“Because of its comparative advantage, markets will be sufficient for this grow, but attempts must be made for greater learning by doing to increase the scale of production and reduce average costs.”

Mr. Lanzona noted that the creative industries should be exposed to international competition to “induce greater efficiency.”

“Given our natural creativity and inherent ability to adapt to changes, the creative economy is expected to grow. AI (artificial intelligence) should be seen as an opportunity not a barrier,” he said.

Meanwhile, Jose Jean Paolo A. Jalandoni, Marketing and Communications Manager of The Performing Arts and Recreation Center (PARC) Foundation said the impact of AI on the creative economy is “complex and multifaceted.”

“It presents both opportunities and challenges. AI’s ultimate impact on the creative economy will depend on how it’s implemented and regulated,” Mr. Jalandoni said.

However, he also flagged risks of job displacement, copyright issues, and ethical concerns arising from the use of AI.

William T. Guido, Chairman of The PARC Foundation Board of Trustees and Founder of the National Digital Arts Awards (NDAA), said the economy needs more than just talent to thrive.

“Talent is undeniably crucial, but equally important is the availability of work. PARC and the NDAA provide vital avenues for showcasing these artists to potential employers, creating a direct pipeline from training and recognition to sustainable careers,” Mr. Guido said.

He said the foundation helps Filipino creatives by investing in accessible arts education and creating platforms for exposure to build the “truly thriving creating economy.”

The PARC Foundation nonprofit organization founded in 2015, is committed to harnessing the power of performing arts to transform lives — especially the youth. – Aubrey Rose A. Inosante, Reporter