The local creative economy in the Philippines exceeded the growth of the national output in 2023, generating a total value of P1.72 trillion. This sector, which includes artists, influencers, content creators, and entertainers, grew by 6.9 percent last year, outpacing the overall economy’s 5.6 percent growth. Despite a slower growth rate compared to 2022, the creative economy contributed 7.1 percent to the Philippine GDP in 2023, amounting to P21.05 trillion.
According to data released by the Philippine Statistics Authority (PSA) on Thursday, the creative economy has become a significant player in the country, with an output contribution that exceeds the gross revenues of some of the largest conglomerates in the Philippines. This sector encompasses various industries such as audio and audiovisual media activities, digital interactive goods and services, advertising, research and development, and other artistic services.
The growth of the creative economy rebounded in 2023 after contracting by 9 percent in 2020 due to pandemic lockdowns. The PSA estimated that there were 7.26 million people employed in creative industries last year, with the majority of jobs in traditional cultural expression activities. The government, represented by President Marcos, has pledged to provide more support to the creative industries to further boost their growth and contribution to the economy.
Key contributors to the creative economy in 2023 included firms in the symbols and images industry, advertising, research and development, and other artistic service activities, as well as digital interactive goods and service activities. As the sector continues to expand, efforts are being made to prioritize the local creative industry in crafting a “master plan” under a new law aimed at creating more employment opportunities and enhancing job quality in the country.
