Philippines' creative economy reached P1.94 trillion in 2024

The Philippines' creative economy reached P1.94 trillion in 2024. This represents an 8.7% growth from P1.78 trillion in 2023. The data comes from the Philippine Statistics Authority (PSA). The creative economy contributed 7.3% to the country’s gross domestic product (GDP). It includes various sectors such as audio and audiovisual media, digital interactive goods, advertising, and visual arts. The PSA noted that symbols and images related activities made up the largest portion, contributing P640.29 billion or 33% of the total. Advertising and artistic service activities followed closely with a 21.4% share, while digital interactive goods provided 20.6%. Employment in creative industries also rose to 7.51 million in 2024, a 3.9% increase from 2023. This accounts for 15.4% of total employment in the country. Traditional cultural expression activities had the highest employment share at 36.6%, followed by symbols and images related activities at 29.5%. The PSA mentioned that this data is preliminary and based on pilot studies. They are refining the methodology and aim to establish a formal system for tracking the creative economy, pending further approvals and budget support.