PH creative sector needs global approach to thrive – CECP
The Philippines’ creative sector needs to boost its global approach to flourish, said Creative Economy Council of the Philippines (CECP) Founder and President Paolo Mercado.
During a webinar organized by the Financial Executives Institute of the Philippines, Mercado stated that the Philippines has an abundance of creative talent but is mostly “domestic-focused” which undervalues the local creative market.
The CECP president added that the industry needs “to go for an international focus of creating markets and opportunity assessment and prioritization where we will play,”
Citing a 2014 report, Mercado said the creative economy was 6.5 to 7% of the country’s Gross Domestic Product. In terms of trade, 2018 data showed that the Philippines was in fifth place in the ASEAN region in terms of total creative exports at US$4.15 billion.
Mercado also discussed the Creative Economy Roadmap of 2030 and the proposed Creative Industries Development Act, which will define the creative industries in the country and create opportunities in the sector.
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