Philippines splits co-production fund into majority and minority tracks
Filipino-led international films can now claim up to PHP13 million ($210,000) under a revamped co-production fund detailed by the Philippines at Busan's Asian Contents & Film Market, as reported by Variety.
The International Co-Production Fund, known as ICOF, has been split in two. A co-production is a film or series made and paid for by partners from more than one country. The bigger the local stake, the bigger the cheque.
The first lane is the Majority Track. It covers projects led by Filipino producers working with foreign partners, according to Variety. Features and series in this lane can receive up to PHP13 million ($210,000). Documentaries and short films can receive up to PHP5 million ($80,000).
To qualify, the Filipino side must own at least 20% of the project and hold the largest share among all the partners. The production must also hire two Filipinos in above-the-line roles, the senior creative posts such as director or lead actor, plus five more Filipinos in key creative or technical crew jobs. Applicants need a release plan for cinemas or platforms at home and abroad. Foreign partners must stay in a minority position and bring a matching creative or technical contribution.
The second lane is the Minority Track. It is for international productions where the Filipino producer is the junior partner. Features and series here can receive up to PHP7 million ($113,000), while documentaries and shorts are capped at PHP3 million ($48,000), as reported by Variety.
The bar is lower but still specific. Filipino producers must hold 10% or more of the project. The production must hire either two Filipino above-the-line talents or three Filipinos in key crew roles. Applicants must also show how the film will find an audience outside the Philippines.
Both lanes carry two top-ups. Qualifying co-productions with other Southeast Asian nations, through the ASEAN regional bloc, can add PHP1 million ($16,000). Projects that pass a cultural test can add up to PHP2 million ($32,000).
The framework was unveiled by the Film Philippines Office, which sits inside the Film Development Council of the Philippines, the national film agency that reports to the Office of the President. The market where it was presented, the Asian Contents & Film Market, was organised alongside the Busan International Film Festival and runs from Oct. 10 to 13 at Exhibition Center 2, BEXCO in Busan, according to the Busan International Film Festival.
What makes this stand out for producers is the clarity. Lead the project and staff it locally, and the support rises. Join as a junior partner with a smaller local footprint, and a smaller sum applies.
