As one of the industries severely affected by the COVID-19 pandemic, the Philippine movie industry plunged deeper as it became harder to produce and market Filipino movies due to the restrictions in place that affect the film producers, movie theater operators, and patrons. And in spite of the recent reopening of cinemas in the country, many are still hesitant to watch films inside movie theaters due to the long stay inside the enclosed venue.
This challenge is compounded by the existing decline of movie ticket sales in the country due to the various online platforms that evolving technology made available.
In order to help resuscitate this dying industry so that it can get back on its feet, Senator Bong Revilla filed Senate Bill No. 28 which aims to revive the Philippine movie industry by providing fiscal incentives to the proprietors, lessees, and operators of theaters and cinemas.
“We have nursed back many businesses and establishments back to life in the last few years. And as we do so, we should not forget the movie industry and the thousands in its employ who have been so badly hit by the pandemic.
Many do not realize that in one way or another, they too are frontliners because of the entertainment they continue toproduce for the Filipino people. For this industry and its art to keep living and thriving, we must offer swift assistance,” Revilla explained.
The bill removes the different national and local taxes imposed on the industry such as income tax, excise tax, value-added tax, and amusement tax.
In lieu of the incentives, 5 percent of the gross income earned shall be paid to the government, on which 3 percent shall be remitted to the National Government and 2 percent shall be remitted to the Treasurer’s Office of the city or municipality where the enterprise is located.
This amendment is poised to encourage proprietors, lessees, and operators of theaters and cinemas to help keep the Philippine movie industry afloat.
