The growing creative industry in the Philippines

Exports of creative industry products and services are expected to increase by 50 percent in the next three to four years from 10 to 15 percent, as most sectors will be aggressive in driving the sector’s growth.

 

Cesar S. Tolentino, competitive intelligence research consultant and industry analyst, said the bigger components of the creative industries were growing by more than 10 percent per year from 1999 to 2008.

 

These industry produces and services include game development, independent film, music products and television programming.

 

Tolentino cited the game development industry which is generating an annual growth rate of more than 50 percent. Its revenues were estimated to have reached more than $9 million last year and projected to reach around $14 million by end of 2011.

 

“Probably it cannot overtake the business process outsourcing (BPO) call centers but definitely beyond five years, it is possible for the video game industry to catch up in terms of revenues and contribution to the economy,” he noted.

 

More than 90 percent of the sector’s 2009 estimated revenues were for foreign markets. There is also an increasing share of revenues from the domestic market.

Read more at Manila Bulletin

 

Con Yap