FILM / TELEVISION
As published today by INCAA in the Official Gazette, the Fund for Advances of Films will also increase by 80 million pesos
Ralph Haiek President of INCAA
The National Institute of Cinema and Audiovisual Arts (INCAA) published today in the Official Gazette an increase in the average cost of films to 25 million pesos, retroactive to August 1. In addition, it announced that the Fund for Advances of Filming is increased by 80 million pesos, this represents an increase of 40%.
Among other actions to continue supporting the Industry, the prize amounts for all 2018 competitions are also updated by 24%: Feature Films (Premium Operas/Short Films/Screenplay Developments); and the Second Stage of the 2018 TV Awards.
Also payments of the payment subsidy balances generated in 2019 will be anticipated. “These actions seek to bring relief to the Industry and are in line with the Institute’s policy, which, as of August 31 last, already executed 56% of its budget,” said INCAA President Ralph Haiek.
In 2018, INCAA executed 54% of its budget, the highest percentage of the last eight years to comply with the 50% investment in promotion required by the Film Act.