Philippines Revamps International Co-Production Fund with Dual Tracks at Busan Market

Revamped International Co-Production Fund: Two Tracks Explained

The Film Philippines Office (FPO) announced a fresh framework for the International Co‑Production Fund (ICOF) during the Asian Contents & Film Market at the Busan International Film Festival. The new design splits funding into a Majority Track and a Minority Track, each calibrated to the percentage of Filipino ownership in a co‑production.

Majority Track – incentives for larger Filipino ownership

Projects where Filipino partners hold at least 51 percent of the equity qualify for the Majority Track. Under this track, the fund can cover up to 70 percent of the total production budget, with a ceiling of PHP 150 million per project. The higher share reflects the government’s aim to encourage strong local creative control while still attracting foreign expertise.

Eligibility: Filipino equity ≥ 51 %.
Funding range: 50‑70 % of total budget.
Maximum grant: PHP 150 million.
Priority sectors: narrative feature, documentary, animation, and series with export potential.

Minority Track – support for projects with smaller local stake

When Filipino involvement falls between 20 and 50 percent, the project enters the Minority Track. Funding is capped at 40 percent of the overall budget, with a maximum of PHP 80 million. This track is intended to nurture emerging talent and stories that require less capital but still benefit from Philippine cultural input.

Eligibility: Filipino equity ≥ 20 % and < 51 %.
Funding range: up to 40 % of total budget.
Maximum grant: PHP 80 million.
Focus: debut directors, regional narratives, and genre experiments.

Strategic Goals Behind the Revamp

The dual‑track system aligns with broader cultural and economic objectives set by the Philippine government. By linking financial support directly to local ownership, the fund seeks to increase the country’s creative footprint while ensuring that Filipino stories remain at the core of any international partnership.

Boosting Philippine content in global markets

According to the Film Development Council of the Philippines, the Philippines aims to double its share of global streaming revenues by 2030. The ICOF redesign is a key lever, providing producers with the capital needed to meet the high production values demanded by platforms such as Netflix and Amazon Prime.

Aligning with government cultural policy

The Department of Trade and Industry has identified creative industries as a growth pillar. The ICOF revamp dovetails with the National Cultural Heritage Act, reinforcing the idea that cultural export can generate both soft power and foreign exchange.

How Filmmakers Can Apply

Applications open two weeks after the Busan market announcement and run until the end of the fiscal year. The process is fully digital, with a portal hosted on the FPO website.

Eligibility criteria

Project must be a co‑production involving at least one Filipino company.
Filipino equity must meet the thresholds for the chosen track.
Script, budget, and distribution plan must be submitted for review.
Project must be slated for principal photography within 12 months of approval.

Funding amounts and disbursement

Approved grants are released in three installments: 30 % upon signing the agreement, 40 % after completion of principal photography, and the remaining 30 % upon delivery of the final cut. All recipients are required to submit quarterly progress reports.

Impact on Regional Collaboration

The new framework is expected to stimulate more joint ventures across Southeast Asia. By offering clear financial incentives, the Philippines positions itself as a hub for regional storytelling, complementing similar initiatives in Thailand, Malaysia, and Indonesia.

Opportunities for Southeast Asian partners

Producers from neighboring countries can now negotiate equity structures that fit the Majority or Minority tracks, allowing flexibility in how creative control and financing are shared. This could lead to a surge in co‑productions that blend local folklore with universal themes.

Expected economic and creative outcomes

Economic analysts from the Asian Development Bank project that a well‑structured co‑production fund can generate up to 1,200 jobs per year in the film sector, while also increasing export revenues by an estimated 15 %.

Industry Reactions at Busan Market

During the press briefing, FPO chief Maria Santos emphasized that the fund’s design “recognizes the value of Filipino narratives while inviting global expertise.” She added that the government will monitor outcomes closely to adjust parameters if needed.

Statements from officials

In a separate interview, the Busan International Film Festival director highlighted the Philippines as a “strategic partner” for Asian content, noting that the revamped fund could attract more Asian projects to the festival’s co‑production market.

Feedback from international producers

European and North American producers present at the market expressed optimism. One Canadian co‑producer remarked that the clear funding tiers simplify budgeting and risk assessment, making the Philippines a more attractive filming destination.

The revamped ICOF reflects a deliberate shift toward measurable incentives, stronger local participation, and deeper regional ties. As the first batch of applications rolls in, the film community will watch closely to see how the new tracks translate into finished works that reach audiences worldwide.