The Market Monitor Minding the Nation's Business
The Philippines’ creative economy grew by 8.7% in 2024, reaching P1.94 trillion from P1.78 trillion in the previous year, according to the Philippine Statistics Authority (PSA).
Preliminary data released last week showed that the sector contributed 7.3% to the country’s gross domestic product (GDP).
The creative economy encompasses various industries, including audiovisual media, digital interactive services, advertising, research and development, publishing, music, visual arts, cultural expressions, and events like trade shows and conventions.
Employment in the sector also saw an increase, reaching 7.51 million in 2024 from 7.23 million in 2023.
The PSA reported that jobs in creative industries accounted for 15.4% of total employment in the country.
Among the different creative industries, symbols and images, along with related activities, had the largest share at 33%, contributing around PHP640.28 billion. Advertising, research and development, and digital interactive services followed as key contributors.
The government continues to push for the development of the creative economy through Republic Act 11904, which aims to protect and strengthen the rights of creative professionals, artists, artisans, indigenous cultural communities, and other industry stakeholders.