The Film Development Council of the Philippines (FDCP) has unveiled a new funding framework for its flagship incentive program, the International Co-Production Fund (ICOF). The update, unveiled at the Asian Contents & Film Market (ACFM) in Busan this October, introduces a new structure for the fund.
The new framework allows the Film Philippines Office (FPO) to support a wide range of projects, from Filipino-led features looking for global partners to international productions utilizing Filipino co-producers.
The Funding Structure
The core nature of the International Co-Production Fund remains a non-recoupable grant. Unlike equity investments, the funds provided do not need to be repaid, provided the production meets its contractual obligations. A standard requirement for the grant is that production must commence within one year of the project’s selection, ensuring that funds are allocated to active, “camera-ready” projects.
Strategic Push at Busan 2026
The timing of the announcement coincides with a significant presence for the Philippines at the 2026 ACFM, held alongside the Busan International Film Festival. The Philippine delegation this year includes 10 production companies at the national pavilion and 36 filmmakers participating in Platform Busan, a networking hub for emerging Asian talent.
The launch of the revamped ICOF occurs as the Busan International Film Festival continues its first edition since being accredited by the FIAPF as an Oscar-qualifying A-list festival. This elevated status for the festival provides a high-profile backdrop for the FDCP to market the Philippines as a primary co-production hub in Southeast Asia.
By updating its framework, the FPO aims to make the Philippine film industry more competitive against regional neighbors that offer similar grants. The fund is often used in tandem with other local incentives, such as the Film Location Incentive Program (FLIP).
