PH creative economy grew to P1.94T in 2024, up 8.7%

The Philippines’ creative industries have generated P1.94 trillion worth of contribution to the country’s economy in 2024, according to data released by the Philippine Statistics Authority (PSA).

Preliminary data from the PSA showed the domestic creative economy grew by 8.7% last year from P1.78 trillion in 2023.

As a percentage of gross domestic product (GDP), the local creative economy contributed 7.3%.

The PSA said the creative economy consists 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
• Art galleries, museums, ballrooms, conventions and trade shows, and related activities

“Among these creative industries, symbols and images and other related activities accounted for the largest share at 33%, or P640.29 billion, of the total creative economy in 2024,” the Statistics agency said.

Advertising, research and development, and other artistic service activities followed with 21.4% share.

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Digital interactive goods and service activities contributed 20.6%.

Meanwhile, the PSA said that employment in creative industries increased to 7.51 million in 2024 from 7.23 million in 2023, up 3.9% year-on-year.

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

The PSA added that traditional cultural expression activities registered the highest share of the total employment in creative industries at 36.6% in 2024.

This was followed by symbols and images and other related activities which accounted for 29.5%; while advertising, research and development, and other artistic service activities shared 17.9%.

The PSA said the data on creative economy was based on the results of the pilot study done by its technical staff.

“Since the methodology is still being refined, the results are considered preliminary. The PSA intends to institutionalize the compilation of the Philippine Creative Economy Satellite Account subject to the approval of the PSA Board and provision of budgetary support from the national government,” it said. —VAL, GMA Integrated News