Allotting significant funding in the 2022 budget for the timely implementation of the newly enacted Creative Industries Development Act will allow the Philippines to cash in on the rich diversity of its creative talent. Know more:
ALLOTTING significant funding in the 2022 budget for the timely implementation of the newly enacted Creative Industries Development Act will allow the Philippines to cash in on the rich diversity of its creative talent, which are widely regarded as globally competitive.
Among the objectives De Venecia highlighted is forging a well-articulated education system that fosters creativity and innovation. According to the lawmaker, this can be achieved by building closer links between the academe and industry to avoid job-skills mismatch, supporting creative educators, and incentivizing academic institutions.
“While the Philippines is considered to be the top exporter of creative services in the ASEAN region, our total creative exports only amount to 2 percent market share in Asia-Pacific. This presents ample room for growth and an opportunity for us to invest especially in IP-based creative goods and services,” Peñaranda said.
According to Marolho, foreign film production revenues from short-form content alone reached $40 million in Thailand.
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