Puerto Rico Economic Development Dept. provides funding for 10 films
SAN JUAN – Ten Puerto Rican films have been given the green light by the Economic Development and Commerce Department (DDEC by its Spanish acronym) to obtain financial support from the Film Investment Fund and Act 27, which provides tax credit for films.
The government will contribute $1 million while the film production houses will finance $4.4 million. The movies will create 941 jobs, DDEC Secretary Manuel A. Laboy Rivera said.
“Thanks to the new Film Investment Fund that we recently put into effect, together with the tax credits provided by Act 27, we are announcing the support of the filming of ten Puerto Rican films. With this significant increase in endorsements, we take a bold step in support of our local film industry. We are at a key moment of change where we anticipate that 2018-2019 will be the year of the Puerto Rican Film,” Laboy Rivera said in a statement.
By replacing the previous lending system with reimbursements, “we are creating a new model that is helping the growth of the Puerto Rican film industry, creating jobs in this sector and contributing to the socio-economic and cultural development of Puerto Rico,” he said.
“The combination of the Film Investment Fund and the film law incentives have created an ecosystem. With the income, in part, from the movies supported by the Film Program, we can now contribute up to 25% of the film’s budget, with a cap of $125,000.00 per film, for the filming of local films, in exchange for a percentage of the income they generate,” Pedro Rúa Jovet, the executive director of the Film Industry Development Program (PDIC by its Spanish acronym) said. “We are betting on the success of the film projects, the generation of profits and public support of these films in movie theaters of the island and the world.”
The films receiving financial support are: “Julia de Burgos: Una leyenda en veinte surcos,” by Álvaro Calderón; “Perfume de Gardenias,” by Gisela Rosario and Arlene Cruz; “La Pecera,” by Glorimar Marrero; “Receta no Incluida,” by Vilma Liella López and Juliana Irizarry; “Los Mecánicos,” “El Hijo Perdido” and “Al Revés,” by Eduardo “Transfor” Ortiz; “Otra Boda en Castañer” and “Las Super Estrellas de la Lucha Libre” by Carlos Nido; and “El Mundo Secreto de Marina,” by Sonia Fritz.