According to Board of Investments (BOI) managing head Elmer C. Hernandez, the BOI approved for registration on a non-pioneer basis the P62.462 million investment of the International Academy for Film & Television Inc. (IAFTI).
IAFTI is establishing an education and training facility in Mactan, Cebu which will cater to international students, thus bringing in foreign exchange earnings.
The courses to be offered by IAFTI would include 2D and 3D animation, digital editing, web designing, Adobe photoshop CS, compositing with after effects- Adobe 6 and audio production 1,2 and 3.
The academy will start operation in July next year.
Hernandez disclosed that IAFTI had been seeking BOI approval for quite some time before it filed its application last Nov. 30 this year.
However, IAFTI’s ownership structure was majority foreign controlled which Hernandez advised should be lowered to allow more local equity.
Thus, IAFTI’s ownership is now 60 percent Filipino through Big Foot Capital Venture Funds, Inc. and 40 percent British Virgin Islands through International Film School Holdings (BVI) Ltd.
The proposed project is covered in the 2005 Investment Priorities Plan (IPP) under information and communications technology.