REPUBLIC ACT NO. 11904 or the Philippine Creative Industries Development Act could help the Philippines become a top creative economy, the Joint Foreign Chambers (JFC) said on Monday.
In a statement, the members of the JFC said the new law will help grow the creative sector, which accounts for over 7% of gross domestic product.
“With the enactment of RA 11904, the Philippines is well-placed to reach its goal of becoming the leading creative economy in Southeast Asia by 2030,” the JFC said.
The target is for the creative industries to lead Southeast Asia by size and value, according to the Creative Economy Roadmap issued by the Creative Economy Council of the Philippines.
“(The law) recognizes creative industries as a distinct sector in the traditional sense of an industry cluster and reaffirms the importance and natural competitive edge of Filipino creative talent,” the JFC said.
The JFC expects the creation of the Creative Industry Development Council to be beneficial.
“By establishing a Philippine Creative Industry Development Council mandated to both formulate and implement the Philippine Creative Industries Development Plan, the country will be better equipped to reap the economic and employment benefits from the diverse creative talents of Filipinos organized under the nine creative industry ‘domains’ identified in the law,” they said.
Trade Secretary Alfredo E. Pascual has said that his department seeks to elevate the creative economy and raise its global competitiveness.
“We are reclaiming our path to development. As the world approaches the Fourth Industrial Revolution, we are marching forward to the global stage and going above and beyond in support of the digitalization of creative industries,” Mr. Pascual said.
Signatories to the statement include the American Chamber of Commerce of the Philippines; the Australian-New Zealand Chamber of Commerce of the Philippines; the Canadian Chamber of Commerce of the Philippines; the European Chamber of Commerce of the Philippines; the Japanese Chamber of Commerce and Industry of the Philippines, Inc.; the Korean Chamber of Commerce of the Philippines, Inc.; and the Philippine Association of Multinational Companies Regional Headquarters, Inc. — Revin Mikhael D. Ochave