The Philippines has revamped its International Co-Production Fund, the public programme dedicated to works produced in partnership with foreign entities. The most significant change is a clear split into two tracks: one for projects where the Philippine producer leads the co-production, and one for those in which they take part as a minority partner. Each track features different funding thresholds, minimum equity shares, and local supply chain employment requirements.
The new ICOF framework was unveiled by the Film Philippines Office at the Asian Contents & Film Market, held alongside the Busan International Film Festival. The choice of venue also highlights its target audience: Asian producers and distributors, as well as international companies seeking partners, locations, and incentives in Southeast Asia.
The update is not simply an increase or decrease in available resources. The fund more explicitly ties public support to the actual weight of the Philippine component in the project. Those bringing greater capital, ownership, and creative responsibility from the local side can access the higher tier; those joining as a junior partner remain eligible, but through a lighter framework and with a lower cap.
Two thresholds for different industrial roles
The Majority Track is aimed at films and series led by Philippine producers alongside foreign co-producers. For feature-length fiction and series, the grant can reach up to 13 million Philippine pesos, an amount cited by the Film Philippines Office at approximately 210,000 dollars. Documentaries and short films can secure up to 5 million pesos, equivalent to roughly 80,000 dollars. US dollar conversions are naturally subject to currency exchange fluctuations.
To qualify for the main track, the Philippine entity must hold at least 20% of the project and, crucially, own the largest single share among all co-producers involved. A token financial presence is therefore not enough. The programme requires two Filipino professionals to fill above-the-line roles—namely director, screenwriter, or lead cast—and five additional individuals from the country to work in key creative or technical positions.
The setup also requires a distribution strategy that considers both the Philippine and international markets. Foreign partners are required to remain in a minority position and, in turn, provide a creative or technical contribution. It is a constraint that encourages the building of genuine co-productions, rather than merely using a local company as an administrative vehicle to access funding.
The Minority Track covers the opposite scenario: international productions in which a Philippine producer participates without holding the dominant position. In this case, the cap is set at 7 million pesos for films and series—around 113,000 dollars according to reported estimates—and 3 million pesos for documentaries and short films, roughly 48,000 dollars.
The conditions are more accessible. Philippine participation must reach at least 10%, and the production must involve two local talents in above-the-line roles or three Philippine professionals in key creative or technical positions. Here, too, it is necessary to demonstrate a plan to reach audiences outside the Philippines. This requirement clarifies the program's scope: supporting national presence in works designed to circulate beyond the domestic market, rather than indiscriminately funding any foreign collaboration.
ASEAN bonus and cultural test
Both tracks provide for two possible additions to the base grant. Co-productions that meet ASEAN requirements can receive an additional one million pesos, estimated at around 16,000 dollars. A further increase, of up to 2 million pesos, is available for projects that pass a cultural test. The Film Philippines Office therefore views this as a tool to promote both regional cooperation and works capable of maintaining an identifiable connection to the Philippine cultural context.
This aspect is significant because co-productions, particularly in independent cinema and documentaries, often arise from a balance among multiple demands: access to funding, festival appeal, international sales prospects, and the need to preserve the distinctiveness of the stories. Introducing a cultural incentive does not automatically resolve that tension, but it gives public funding a clear direction: local participation must leave a verifiable mark on the work, not just on the financial plan.
The presence of an ASEAN bonus, on the other hand, can make agreements between producers in the region more competitive. For a Philippine company, working with counterparts in neighboring countries can mean expanding funding sources and distribution opportunities; for a regional partner, the program offers an added reason to include the Philippines in the co-production structure. The tangible benefit will depend on the combination of these incentives with the national regulations of the individual countries involved.
A fund within a broader strategy
The Film Philippines Office operates within the Film Development Council of the Philippines, the national film agency reporting to the Office of the President. Its remit extends beyond the ICOF: it also manages incentives linked to local production work and post-production, supports permitting procedures with public administrations, and guides productions to locations across the country.
This network of expertise makes the fund more than just a grant call. For a foreign production, access to an incentive can be paired with a liaison capable of assisting with permits, services, and location scouting. For local producers, on the other hand, the value lies in being able to approach an international partner with a more defined support structure and requirements that are known right from the start of negotiations.
The new scheme comes after festival success achieved by works supported by the ICOF. Among the examples cited by the Film Philippines Office is Another World by Tommy Ng Ka Chung, co-produced by the Philippine company Overmind Corp with partners from Hong Kong and Singapore and awarded best animated feature at the 2025 Golden Horse Awards. Diamonds in the Sand by Janus Victoria, with Japanese and Malaysian co-producers, received the Mulberry Award for best debut at the Far East Film Festival in Udine. These are titles that demonstrate the variety of possible collaborations, from animation to auteur cinema.
Other films linked to the program have received awards in Torino, Melbourne, and Bandung. At the same time, the separate Film Location Incentive Program supported Rafael Manuel's Filipiñana, awarded at Sundance, and Morgan Knibbe's The Garden of Earthly Delights, winner of the best film award at the Torino Film Festival. Awards are no guarantee of commercial returns, but they help raise the visibility of a production ecosystem among financiers, international sales agents, and festival programmers.
What changes for those setting up a co-production
The reform clarifies the relationship between public funding and project control. A foreign producer seeking substantial funding will have to accept genuine Philippine leadership, measured both in ownership share and across artistic talent and technical departments. Conversely, those who retain primary control of the work can still bring on a partner from the Philippines and access the Minority Track, subject to lighter requirements.
Naturally, the inherent limitations of selective funds remain. The funding caps alone do not cover the cost of an international production, and conditions regarding shares, roles, and distribution require the partnership to be carefully defined as early as the development phase. Furthermore, the program does not replace co-production agreements, other national incentives, pre-sales, or private capital. However, it can influence how these elements are combined.
For the Philippine audiovisual industry, the distinction between majority and minority aims to keep both avenues open: supporting nationally driven works while continuing to take part in productions where local expertise fits into a broader international framework. The sustainability of the model will depend on its ability to attract projects with credible distribution plans and ensure that local involvement requirements translate into substantial professional opportunities, rather than just check-boxes to complete during the application phase.
