MANILA -- Studies by the Oxford Business Group (OBG) indicate that creative industries may be the growth engine that Southeast Asian countries, like the Philippines and Indonesia, need to counteract any slowdown in their respective economies.
OBG Asia Regional Editor Patrick Cooke said the Philippines, specifically, has inherent advantages which lend itself to developing local creative industries.
The Department of Trade and Industry (DTI) has defined creative industries as activities that deal with creativity, culture, economics and technology, using creativity and intellectual property as primary inputs.
“First and foremost, it has a large consumption-driven internal market, buoyed by advantageous demographics. The median age is one of the lowest in Asia,” said Cooke.
“This creates a fertile ground for a vibrant youth culture to flourish, sustained on a diet of music, film, fashion, arts and online content. The innate Filipino creativity and all-pervasive musicality is impossible for first-time visitors to the country to ignore; the challenge lies in harnessing this for wider economic benefits,” he added.
He said the country can also capitalize on existing talent pool in its business process outsourcing (BPO) sector, who are already digitally savvy.
The existing pool of talents can expand into developing the creative process outsourcing industry, performing more high-value activities like graphic design, online marketing and web development, while branching out to game development industry, added Cooke.
“The Philippines is certainly in need of new growth engines. Expansion in two of the country’s major foreign exchange earners – business process outsourcing and overseas remittances – has moderated in recent times,” Cooke said.
“However, if the country is to truly realize its vast potential as a global hub for creativity, a more cohesive master plan may be needed to establish a viable ecosystem that ensures Filipinos have access to the financing and tools required to develop their considerable talents, as well as an effective means to access local and international markets,” he added.
He noted that in 2014, the creative industries shared as much as 7.34 percent to the country’s gross domestic product and created 14.14 percent of the total jobs four years ago. (PNA)
