Press Release October 16, 2007
Grant of P1M prize and tax exemption "I am a firm believer of Cine Filipino and I look forward to the day the Philippines wins an Oscar," declared Senate President Manny Villar in his opening statement in the explanatory note on a bill he filed seeking to grant a P1-million prize to an internationally acclaimed Filipino actor and exempt him from the payment of income tax and value-added tax for the particular year he wins an award. Villar's Senate Bill No. 1637 is entitled, "An Act encouraging the production of outstanding, world-class and well acted Filipino motion picture, providing incentives to filmmakers and actors claiming honors in international film competitions and for other purposes." "This legislation seeks to encourage and promote the dynamism and competitiveness of Philippine motion pictures and recognize the achievement of actors who significantly contribute to the elevation of the nation's artistic heritage," the Senate President said. The bill also provides, "Award-winning Filipino films given Best Film prize or its equivalent, including those that merited recognition for technical excellence in respected international film competitions or cinema festivals are accorded the following incentives:
The measure states, "An actor who wins an international award shall be provided the following prizes and recognition: a grant of P1 million; and exemption in the payment of income tax, including value-added tax for services rendered, for the particular year the actor wins the award." The bill also provides for the creation of a special fund amounting to P50 million to be sourced from the Philippine Amusement and Gaming Corporation in support of the measure. Villar's authorship of the legislation testifies to his advocacy of advancing the local film industry. |
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