WHAT IS ICOF ?

Filipino producers who are working with international co-productions can avail of a selective fund of up to PhP 10 Million when they conduct their production, animation or post-production in the Philippines. For majority or minority Filipino co-production projects, the International Co-Production Fund spells significant savings in production, animation or post-production costs.

Feature and short films (live action, IMAX, documentary, animation), regardless of length with a majority or minority co-production agreement with the Philippines.

The Filipino production company can be a majority or minority co-producer but must have a minimum co-production share of ten percent (10%) of the project.

The project must begin principal photography/animation production/post-production within 6 months from the approval of the project.

A company organized and registered as a business in the Philippines and accredited by the FDCP National Registry which is engaged in an international co-production with a foreign production company can apply for ICOF.

Any genre. Themes that are not pornographic or portraying the Philippines in a negative light.

  • A completed ICOF Application Form and supporting documents
  • At least PHP 5 Million (or approx. USD 98,000) on Qualifying Philippine Production Expenditures (QPPE)
  • Project wholly or partly made in the Philippines for pre-production, production (studio, on-set shootings) and/or post-production (animation, visual effect, 3D conversion, editing, music and scoring, sound design, editing and mixing, voice overs, color grading, etc.)
  • The project must apply for the first time to ICOF

The expenses will include eligible costs from pre-production to post-production of the project and covers the period from the date the FPO confirms the reception of the complete Provisional Application and ends at the date of confirmation of the complete Final Verification by the FPO.

Allowed Expenses under QPPE:

  • Rights Acquisition
  • Salaries, Wages, and Social Contribution
  • Technical Goods and Services
  • Project Related Overheads and Other Goods and Services
  • Post-Production and Animation
  • Accommodation
  • Meals
  • Transportation and Travel Expenses
  • Promotion Expenditures in the Philippines
  • Legal Costs
  • Creative Producer’s Fee

For more information about eligible costs, see QPPE Guidelines and Supporting Documents.

Projects will be evaluated and selected for awarding based on the following criteria:

  • Degree to which the work promotes Philippine culture and locations
  • Degree to which the work contributes to the Philippine film industry
  • Degree to which the Filipino producer's participation in the creative production of the work.
  • The global quality of the project
  • The financial viability and potential success of the project
  • The international distribution potential through festivals, theatrical release and other distribution platforms in order to reach international audiences

Successful applicants of ICOF can receive twenty-five to forty percent (25% - 40%) of their QPPE with a maximum of PHP 10 Million.

The Fund shall be released in two installments:
The 50% of the Fund will be released 60 days prior to the confirmed first day of principal photography or animation production or post-production in the Philippines.
The remaining 50% will be released within 30 days after the approval of Final Verification.

January to March, May to July, and September to November

 

 ICOF 

APPLICATION PROCESS

1
Apply for Provisional Application
 
 
4 MONTHS MAX
2
Receive Provisional Notification
 
 
2 MOS. BEFORE PRODUCTION/POST-PRODUCTION
3
Receive 50% downpayment
 
4
Start your production or post-production work in the Philippines
 
 
3 MOS. MAX AFTER FINAL
EXPENDITURE IN THE PHILIPPINES
5
Apply for Final Verification
 
 
1 MONTH AFTER APPROVAL
6
Receive final approval and get the remaining 50% of your fund