Press Release
November 4, 2008

ANGARA BATS FOR THE REVIVAL OF RP'S FILM INDUSTRY
To provide psychological cushion to the impacts of Global Financial Crisis

Senator Edgardo J. Angara today said that the country should embark on a comprehensive effort to revive the film industry of the Philippines amid a global financial crisis in order to provide "psychological cushion" and lift the morale of Filipinos.

"We should tap government agencies along with educational institutions such as the Film Center of the University of the Philippines to do a study on how we can revive the country's film industry. We should look into mechanisms that we can provide such as administrative regulations, subsidies or taxation in order to create a conducive environment for film making," said Angara, who chairs the Senate Finance sub-committee C.

He added, "When times are bad, the arts, culture including the film industry can provide some psychological relief to the people. Of course, this is to complement economic policies and reforms such as depositor's insurance and ensuring enough liquidity."

Psychology experts and economic analysts stated that during economic depression and looming financial crisis, two industries have thrived: movies and telephone industries.

During the budget hearing of government cultural agencies, Angara urged these agencies which include the Film Development Council, Optical Media Board and Movie and Television Review and Classification Board to coordinate in identifying barriers to the promotion of Philippine movies.

In this manner, Angara said, there can be possible sharing of skills and resources which could stretch the value of every peso in our FY 2009 budget. Concerted efforts by these cultural agencies can lead to the maximization of government resources in promoting the country's culture through movies.

Angara also suggested that we should look into the experiences of other countries such as India and Canada and explore on adopting these countries best practices.

As of press time, FY 2009 budget of these cultural agencies are deemed submitted by the Finance sub-committee C.

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