PH’s creative economy stunted by pandemic – DTI
The Department of Trade and Industry (DTI) admits that the growth of the country’s creative economy was stunted due to the pandemic “at the time when our creative industries have been gaining growth momentum.”
Since movie theaters and live events had to be cancelled, Trade Undersecretary Rafaelita Aldaba said that the animation and game development sectors suffered from a decline in productivity and revenue due to cancelled contracts.
The Creative Economy Council of the Philippines also reported a 90 per cent decrease in revenue in 2020 compared to the prior year.
“One silver lining is the crisis has actually accelerated the rapid digitalization of the economy and this reinforced trends, opened new opportunities for the creative industry,” Aldaba said, adding that digital platforms “have made content production cheaper” as creatives are now able to access a global market.
