Creative industries are now trillion-peso contributors to the Philippine economy, accounting for ₱1.72 trillion or 7.1 percent of gross domestic product (GDP), the highest during the most recent five-year period, according to the Philippine Statistical Authority (PSA) last week. 

The creative economy, as defined by the PSA, is composed of the following industries: “Audio and audiovisual media activities; Digital interactive goods and service activities; Advertising, research and development, and other artistic service activities; Symbols and images and other related activities; Media publishing and printing activities; Music, arts and entertainment activities; Visual arts activities; Traditional cultural expression activities; and Art galleries, museums, ballrooms, conventions and trade shows, and related activities.”

To appreciate the significance of the creative economy, here’s a capsule report from the Open Journal of Business and Management, September 2023: “In 2022, Korean content exports including K-pop hit $12.45 billion as of 2021 with the help of the Korean wave. The direct economic effects of K-pop are best represented in three areas: 1) music sales and streaming platforms, 2) derivative industries, and 3) advertising and marketing.”

According to a recent news item in the South China Morning Post (SCMP): “An economist estimates overseas concertgoers will be spending between US$260 million to US$370 million in the city during (Taylor) Swift’s six sold-out nights in Singapore.” To drive home the tremendous economic impact of this single event, the SCMP reports further: “One Filipino fan spent US$6,000 on flights, concert tickets and accommodation – the average annual household income in her home country — to see Taylor Swift in Singapore.”

In July 2022, Congress enacted Republic Act No. 11904 on the development and promotion of the Philippine creative industries. The onus has been placed on the 19-person Philippine Creative Industries Development Council chaired by the Secretary of the Department of Trade and Industry (DTI), and composed of 10 Cabinet secretaries and nine private sector representatives from each of the major cultural domains. 

Central to the government’s overall strategy is the crafting of the Philippine Creative Industries Development Plan that includes a three-year, six-year and 10-year development timeline for its vision, mission, goals and milestones. 

As a whole-of-government approach has been adopted, concerned agencies have been tasked to provide comprehensive support, such as: infrastructure support through subsidized venue rentals and working spaces; research, development and innovation support from the Department of Science and Technology (DOST); digitalization support from the Department of Information and Communication Technology (DICT) and the National Telecommunications Commission (NTC); a Creative Voucher System “to systematize the granting of support, aid, and other incentives to creative industry entities, with a preference towards MSMEs;” enhanced access to credit and financial instruments  from government-owned, -controlled, or -supported financial institutions that shall “give priority to creative industries in providing credit assistance and guarantee schemes;” and creative instruction and training programs to be developed and implemented for basic, higher and technical education.

Indeed, much needs to be done — and the potential growth and benefits are quite substantial — such that expectedly, those responsible for program implementation will exert their utmost to ensure goal attainment.