Lack of funding is often a major hurdle for Filipino filmmakers trying to break their mould. This fact rings especially true in the independent sector where certain forms of storytelling may be less economically viable in the eyes of large, studio businesses.
However, the Film Philippines Office and the Association of Southeast Asian Nations (ASEAN) are hoping to close this gap with a new initiative promoting international co-productions — a joint venture that not only helps filmmakers connect to new streams of funding, but also acquire knowledge that can benefit their industries in the long term.
The ASEAN Co-Production Fund (ACOF) provides grants of up to $150,000 to feature-length films in the genre of live action, animation, documentary or IMAX. Directors must be of ASEAN nationality with the Filipino production company having a minimum 10% co-production share of the project. Moreover, the ACOF beneficiary is only required to use 50% of the grant in the Philippines, thus providing flexibility in the production expenditure.
There are other incentives available for Filipnio filmmakers seeking funding for their productions. For example, the International Co-Production Fund (ICOF) helps fund feature films with a maximum payout of Php 10 million ($200,000). Unlike ACOF or ICOF, The Film Location Incentive Program (FLIP) is open to a wide variety of formats, including feature film, TV, animation, web content, and VR projects, funding up to Php 10 million ($200,000) with a 20% cash rebate.
ACOF, ICOF, and FLIP are open for applications on the same three times per year schedule. Their first application period is from 4 January to 31 March. Their second period is from 3 May to 30 July. The third period is from 1 September to 29 November.
For more information, visit www.filmphilippines.com.