Philippines Unveils 5% Cultural Bonus Incentive Addition to Cash Rebate (EXCLUSIVE)
The Film Development Council of the Philippines (FDCP) has added a 5% cultural bonus incentive to the existing 20% cash rebate that is part of the Film Location Incentive Program (FLIP), it was revealed at the Busan International Film Festival’s Asian Contents and Film Market.
The cultural bonus will apply if the project showcases Philippines culture and heritage. The total FLIP rebate is now capped at $540,000. The bonus is already available for projects made under the aegis of the FDCP’s International Co-Production Fund (ICOF), where films or series from any country of origin with a co-production agreement with a registered Filipino production company can apply. Here the bonus can be up to $18,000 for selected projects from the ASEAN region, $35,000 for feature films and series and $18,000 for documentaries.
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The minimum required spend in the Philippines for FLIP projects are $353,000 for feature films, $53,000 for shorts, $141,000 for documentaries and $53,000 per episode for series, with a minimum of eight episodes. For ICOF, the minimum spend is 50% of qualifying Philippines expenditure. The application cycle for both funds is now open.
In addition, applications to the the sixth edition of the FDCP’s Full Circle Lab Philippines, a capacity-building program aimed at supporting Filipino and Southeast Asian filmmakers, are now open.
On adding the cultural bonus incentive to the cash rebate, Joierie Ann Pacumio, executive director of the FDCP’s Film Philippines Office told Variety, “We decided to add it because we are receiving a lot of inquiries from filmmakers interested to shoot in the Philippines, and some of them request for additional funding, but we cannot really make it available for everyone across the board. So we make sure that if you get selected, and if you check all these boxes, you can get an additional incentive.”
FDCP chair Tirso S. Cruz III added, “It’s understandable that when people want to shoot in other countries, an additional incentive will always be welcome. And it’s attractive. No matter how big the production is, every little inch helps. When you think about it, it’s a win-win situation, a win for them and a win for the country, because the country will be promoted globally.”
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