July 13, 2022
REVILLA: LAW THAT OFFERS INCENTIVES TO REVITALIZE THE PHILIPPINES FILM INDUSTRY
As one of the industries hard-hit by the COVID-19 pandemic, the Philippine film industry plummeted deeper as the current restrictions affecting film producers, cinema operators and patrons made it more difficult to produce and market Filipino films. And despite the recent reopening of cinemas in the country, many are still reluctant to go to cinemas for the long stay in the closed venue.
This challenge is compounded by the existing decline in cinema ticket sales in the country due to the various online platforms made available by the developing technology.
To revitalize this dying industry so it can get back on its feet, Senator Revilla submitted Senate Bill #28, which aims to revitalize the Philippine film industry by providing tax incentives to the owners, tenants and operators of theaters and cinemas.
The bill eliminates the various national and local taxes imposed on this industry, such as income tax, excise tax, sales tax and entertainment tax.
In lieu of the incentives, 5% of gross income earned is paid to the government, of which 3% is remitted to the national government and 2% to the treasury of the city or municipality where the company is located.
This change is intended to encourage owners, tenants and operators of theaters and cinemas to help keep the Philippine film industry alive.
“We have brought many shops and facilities back to life in recent years. And let’s not forget the film industry and the thousands of workers who have been hit so hard by the pandemic. Many don’t realize that they too are on the front line in one way or another because of the entertainment they continue to produce for the Filipino people. In order for this industry and its art to continue to thrive and thrive, we must offer quick assistance,” said Sen. Revilla.