Oxford Business Group: Creative industries are growth engines in PH

Posted on Wed, 10/31/2018 - 18:00
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Creative industries are growth engines in PH, says OBG
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The Philippines has intrinsic advantages in terms of developing local creative industries which may be the key to thwart economy slowdowns, says OBG.

The Department of Trade and Industry (DTI) defined creative industries as activities that involve “creativity, culture, economics, and technology, using creativity and intellectual property as primary inputs”.

As to why the Philippines specifically is meant to thrive in the growth of creative industries, OBG Regional Editor Patrick Cooke stated that the country has a “large consumption-driven internal market, buoyed by advantageous demographics. The median age is one of the lowest in Asia.” This being said, the country makes for a “fertile ground” for this youth culture to prosper, sustained on a “diet of music, film, fashion, arts, and online content. The innate Filipino creativity and all-pervasive musicality [are] impossible for first-time visitors to the country to ignore; the challenge lies in harnessing this for wider economic benefits.”

Another positive note is that Cooke also said that the Philippines can capitalize on its existing talent pool who are already digitally savvy, specifically those in the business process outsourcing (BPO) industry.

However, for this analysis to be beneficial to the country, Cooke added that it’s a must to acknowledge its potential as a global hub for creativity, having a more cohesive master plan to establish a viable ecosystem to ensure the population gets all the backing and necessary tools to develop and grow their talents.

 

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Image Courtesy of wroiee