Movie spending contribute 0.06% to GDP – NSCB
MANILA, Philippines - Local and foreign films generate revenues equivalent to only 0.06% of the country's total economic output, according to the National Statistics Coordination Board.
Romulo Virola, NSCB director general, said in a post on the agency's website on Monday, February 13, that they wanted to provide "insights on the sector including its economic contribution, particularly in the generation of revenues and employment."
Citing data from the Box Office Mojo, National Statistics Office and Film Academy of the Philippines, Virola showed how and why local films contributed only 0.016% to the GDP (gross domestic product) and foreign films 0.046% in 2011
Local films have long been generating lower aggregate annual revenues than foreign films, which contributed 0.046% in the same year.
In 2011, average revenue for each local film reached P67.3 million, almost double that of the foreign films' P34.7 million.
However, since the local film industry only showed 23 films, total gross revenues for homegrown films was only at P1.55 billion
In contrast, the number of foreign films in the same year totaled 129, or 85% of total films shown.
Thus, foreign films generated higher total gross revenues of P4.48 billion, or 74% of total movie receipts for the year.
However, the number of local films -- both mainstream ones produced by major entertainment studios and digital films produced by independent film studios or companies -- have been increasing.
In 2011, 78 local movies were shown, up from 53 in 2005. The hike was largely due to the proliferation of independent films.
Thus, local films have accounted for 34% of all films shown in the country in 2011.
While foreign films -- 66% share in 2011-- continue to account for a lion share of total movies shown on local moviehouses, the share of local films has jumped a full 10-percentage point from its 24% share in 2005.
In 2011, the local films that made it to the list of 15 films that earned the most were:
- The Unkabogable Praybeyt Benjamin - P331.6 million gross revenue (#1)
- No Other Woman - P278.4 million (#2)
- Catch Me, I'm in Love - P120.2 million (#12)
- In the Name of Love - P117.2 million (#13)
Moreover, Virola noted that "for every P10,000 spent by households on final consumption, around P8 went to watching a movie."
Of this total P8 household spending in 2011, around P2 went to watching local films and P6 to foreign films.
Lastly, Virola noted that the local film industry is contributing only 0.10% to total employment.
Only 3,531 are employed in "motion picture and video production, animated films and cartoons production, and motion picture, audio and video projection," according to the statistics office. - Rappler.com