Creative industry growth seen at up to 8% in 2024

THE creative industry is expected to grow between 6% and 8% next year in terms of gross value added, with the Department of Trade and Industry (DTI) actively promote the sector’s growth, an official said.

Rafaelita M. Aldaba, undersecretary for DTI’s Competitiveness and Innovation Group, said the industry grew by double-digit levels in the third quarter, adding confidence to the 2024 forecast.

“We had 15.5% year-on-year growth in the third quarter so we are hoping that that will translate to around 6-8% for next year,” Ms. Aldaba told reporters.

“For this year, we are hoping that it will still grow in the last quarter considering all these activities that we’re undertaking,” she said.

In the third quarter, the creative industry generated P52.8 billion in gross value added. It accounts for 7.3% of the Philippine economy or P1.6 trillion in 2022.

The Philippine Statistics Authority reported that the symbols, images and other related activities segment accounted for 32.9% or P528.35 billion of the creative economy last year.

Rounding up the top three contributors were advertising, research and development, and other artistic service activities (20.8%) and digital interactive goods and service activities (20.3%). The other segments are audio and audiovisual media activities; media publishing and printing; music, arts and entertainment; visual arts; traditional cultural expression; and art galleries, museums, ballrooms, conventions and trade shows.

The creative industry employed 6.98 million workers in 2022, mostly involved in traditional cultural activities.

In September, Ms. Aldaba said that the creative industry is projected to register double-digit growth in the next three years and achieve its goal of becoming among the top creative economies in ASEAN. — Justine Irish D. Tabile