THE Joint Foreign Chambers in the Philippines (JFC) on Monday welcomed the recent enactment of Republic Act (RA) 11904, or the "Philippine Creative Industries Development Act," which lapsed into law last July 28.

"RA 11904 is a much-awaited law that will spur the growth of a high-value sector already contributing over seven percent of the country's GDP (gross domestic product)," it said in a statement.

"It 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 added.

The Philippine Creative Industries Development Act mandates the promotion and development of domestic creative industries by protecting and strengthening the rights and capacities of creative firms, artists, artisans, creators, workers, indigenous cultural communities, content providers and other stakeholders.

"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," the JFC said

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"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," it added.

The JFC is comprised of the American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce of the Philippines Inc. and the Philippine Association of Multinational Companies Regional Headquarters Inc.