The Metropolitan Manila Development Authority released to the Film Academy of the Philippines last November 9 the amount of P300,000 as the fifth tranche of the Academy’s share from the proceeds of the amusement tax rebate during last December’s film festival. This brings to P2 million already received by the Academy.
The first four tranches included: P400,000 released on Feb. 15; P600,000 received on February 23 during the launching of the 2012 Metro Manila Filmfest; P400,000 released on May 5; and P300,000 released in September.
Since November, 2010, the distribution of the amusement tax proceeds was revised as follows: MOWELFUND 50%; Film Academy of the Philippines 20%; Motion Picture Anti-Film Piracy Council 20%; Optical Media Board 5%; and Film Development Council of the Philippines 5%
The total share of the FAP from the proceeds of the amusement tax rebate for the past years are as follows:
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