The Film Development Council of the Philippines (FDCP) has recently made adjustments to its incentive schemes, aiming to attract more international co-productions and offshore production. One significant change is the increase of the cash rebate for offshore production from 20% to 25%. Additionally, a cultural bonus has been introduced, capped at a generous amount of $540,000 (PHP30M).
Broadening the Scope of Eligible Formats
To further encourage diverse film projects, the FDCP has expanded the eligibility of its Film Location Incentive Program (FLIP) to include a wide range of formats such as feature films, animated and documentary films, TV and streaming series, and even virtual reality content. This expansion opens up more opportunities for filmmakers to take advantage of the incentive program.
Minimum Qualifying Spend and Rebate Application Process
To be eligible for the cash rebate, there are specific minimum qualifying spends depending on the format. For feature films and animation, the minimum spend is PHP20M, while for documentaries, it is PHP8M, and for short films and each episode of a series of eight episodes or more, it is PHP3M. Filmmakers must meet these spending thresholds to apply for the rebate.
The FDCP has streamlined its International Co-production Fund (ICOF) and Asean Co-production Fund (ACOF) into a single ICOF fund. This integration aims to simplify the funding process for co-production projects. The ICOF fund now has different funding caps depending on the format. Feature films can receive between $54,000 and $180,000 (PHP3M-PHP10M), documentaries are capped at $18,000-$90,000 (PHP1M-PHP5M), and TV/VOD series can receive between $72,000 and $180,000 (PHP4M-PHP10M) per season.
In addition to the main funding caps, the ICOF also offers a series of bonuses to further incentivize selected projects. Selected ASEAN projects will receive an additional $18,000 (PHP1M). Feature films and series can also qualify for a cultural bonus of $35,000 (PHP2M), while documentaries are eligible for a cultural bonus of $18,000 (PHP1M). These bonuses aim to not only financially support filmmakers but also promote cultural understanding and collaboration.
The FDCP unveiled these changes at an event held at the Asian Contents & Film Market (ACFM) in Busan. This platform provides an opportunity for the Philippine film industry to showcase its incentives and attract potential international co-production partners. By presenting at such a significant industry event, the FDCP aims to raise awareness and generate interest in the enhanced incentive schemes.
The Film Development Council of the Philippines has taken proactive measures to enhance its incentive schemes for film production. By increasing the cash rebate and introducing cultural bonuses, as well as expanding the eligible formats and streamlining co-production funds, the FDCP seeks to attract more international co-productions and offshore production. These changes aim to support and promote the Philippine film industry, fostering growth and collaboration within the global filmmaking community.