Manila, Philippines - The Department of Trade and Industry (DTI) is set to hold consultations with local stakeholders later this month to come up with recommendations to encourage more investments in the creative industries sector.
The DTI said in a statement that the 2012 Film Animation and Gaming Congress which will be held from July 26 to 27 at the Cultural Center of the Philippines would serve as a venue for it to discuss with local filmmakers, original content creators, members of the academe, media outfits and potential investors the issues faced by the country’s creative industries.
Challenges and opportunities for the sector would also be identified.
Based on the discussions, the DTI said that recommendations would be made to promote investments in the sector.
“The Creative Services is one of the sectors pushed by the DTI for trade and investment promotion, recognizing Filipinos’ world class creative talent, English-speaking workforce and the industry’s promising global potentials,” the DTI said.
The DTI wants to encourage more investments in the creative industries sector as the sector saw a decline in revenues last year.
According to a report of the Business Processing Association of the Philippines (BPAP) released earlier, revenues of the Animation Council of the Philippines, Inc. (ACPI) fell 10 percent to $128 million last year from 2010 as the sector lost some contracts amid competition from other countries.
China, the BPAP noted, provides subsidies to animation operations.
But while ACPI revenues were down in 2011 from the previous year, it maintained its headcount at about 8,600 animators.
The Game Developers Association of the Philippines (GDAP), meanwhile, saw its revenues go up 13 percent to $8 million last year from 2010.
The GDAP employed almost 1,400 individuals last year.
The creative industries sector has been listed as one of the preferred activities under the Investment Priorities Plan (IPP) for 2012 which was signed by President Benigno Aquino III last month.
By investing in a sector considered as a preferred activity under the IPP, an investor is entitled to incentives which include income tax holidays, duty free importation of capital equipment and tax exemptions.