The members of the globally popular K-pop boy band BTS have begun their military conscription, and the South Korean economy is set to lose at least an estimated $5.9 billion, based on estimates reported by CNBC. This figure is based on the Hyundai Research Institute’s estimate of $3.9 billion overall annual economic contribution BTS makes to the Korean economy, noting the 18-month minimum military service required of all able-bodied Korean men. But the total figure is likely to be even higher, as BTS had earlier announced a planned “hiatus until 2025.”

That’s just BTS. Altogether, “Hallyu”—the Chinese term that means “Korean wave” referring to Korean popular culture spanning music, movies, drama, online games, cuisine, and more—was estimated by the Korea Foundation for International Cultural Exchange to have brought in $12.3 billion in 2019. For a country with a population less than half ours, that already comprises 13 percent of our own total exports ($94.7 billion) in that year. Think of how much more prosperous our economy could be if we could do what the Koreans did to create so much wealth (and jobs) from their “cultural economy.” Given the Filipinos’ widely acknowledged artistic and creative talent, often described to be the richest and most versatile in Asia, this need not be a pipe dream beyond our reach. Now is the time for us to deliberately plan and work on “doing a Korea,” and cash in much more than we have so far been able to, on our creative economy.