WHAT IS ICOF ?

The International Co-Production Fund (ICOF) is a selective fund provided by The Film Development Council of the Philippines (FDCP), that aims to promote the Philippines as a filming destination and a co-production partner for foreign countries.

This grant is given to qualified Filipino production companies that are co-producing creative content (production and/or post production) with an international partner.

Qualified and selected projects will receive forty percent (40%) cash incentive based on the project’s QPPE, with a maximum amount of Ten Million Pesos (Php 10Mn).

 

Eligible Projects

• Feature and short films (regardless of length): live action, IMAX, documentary, animation  
• Feature/ short films that are co-produced between a Filipino production company and a foreign production company (the Filipino producer must have a minimum co-production share of 10%)
• Projects that will be wholly or partly made in the Philippines, be it production (studio or on-set shoots) and/or post-production (animation, visual effect, 3D conversion, editing, music and scoring, color grading, etc.)
• Projects that will begin its principal photography, animation production, or post-production within one (1) year from the approval of the grant 
•  Projects that will spend at least Php 8 Million (approx. USD 140,000) on QPPE (refer to QPPE Guidelines and Supporting Documents for more information)

Eligible Applicants

Filipino production companies that meet the following qualifications:

• Organized and registered as a business in the Philippines
• Serving as a co-producer to an eligible foreign project
• Accredited by the FDCP National Registry

Eligible Content

Any genre and theme, provided that it does not contain violence, pornography, insult, national threat, and does not portray the Philippines in a negative light.

Requirements

REQUIREMENTS (see guidelines for detailed list)

• Completed ICOF Provisional Application Form  
• Applicant’s bank certificate 
• Documents that prove/support the following: 
• The partner foreign co-production company is eligible to conduct business in their country (business or working permit/clearance)
• Agreement between the applicant and the foreign production company (bilateral or multi-party) 
• Filipino co-producer has at least 10% share in the project 
• Copy of the script and treatment (8-10 pages)
• Recorded project pitch and dossier (including logline, cast, mood board, storyboard, filmography, production budget, and URL to teaser or inspired short film) 
• Vision statements from the producer and filmmaker 
• Distribution plan 
• Statutory declaration signed by the applicant’s company
• Letters of agreement with the principal financial resources

Qualifying Philippine Production Expenditures (QPPE)

The allowable expenditure incurred in the Philippines for the purpose of producing and mounting the project, pursuant to FPI guidelines. This covers all qualified expenses (from production to post-production), incurred from the date of provisional confirmation, up to the receipt of final verification confirmation from the FPO.

Allowable Expenses under QPPE

• Rights acquisition 
• Salaries, wages, and social contribution.  If filming will be done outside the Philippines, only salaries for above-the-line creative personnel will be allowed (cast, producer, director, scriptwriter, cinematographer, editor, production designer, composer)
• 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 
• Producer’s Fee (maximum of 10% of the Fund amount) 
• See guidelines for detailed information about QPPE

Evaluation

Projects will be evaluated and selected 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 participates 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

Support

Initial release (50%) of the fund to be issued within sixty (60) days prior to the confirmed first day of principal photography, animation, or post-production, and upon submission of requirements (see guidelines for detailed list of requirements)

Second release (30%) will be issued within sixty (60) days upon submission of the second batch of requirements (see guidelines for detailed list)

Final release (20%) will be issued within ninety (90) days upon approval of the final verification documents and submission of  final requirements (see guidelines for full list)

• Successful applicants of ICOF can receive cash incentive of up to forty percent (40%) of the project’s QPPE, with a maximum amount of PHP 10 Million.
• The fund will be released in three (3) installments.

Application cycle

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