US movie firm to open Philippine unit

US-based Radiant ERA Holdings LLC is establishing a presence in Manila in order to take advantage of talents in the local entertainment industry. In a statement. the firm said its local entity, Radiant Studios, will be involved in both live action production and an animation studio to fulfill both its slate of projects as well as service its growing number of clients. Radiant Studios said its first locally made film will be a romantic comedy starring both the country's talent and Hollywood actors. The production budget slated for the film is less than $5 million. The film is set to be launched for theatrical release locally sometime in June to July this year. "This is only the first of many films that we are producing here in the Philippines under the Radiant group. We also own Glow Animation, which is currently preparing for another animated feature for worldwide release in 2009," said Jovie Saddul, chief operating officer of Radiant ERA Holdings. Saddul said the company is planning to produce eight to 10 movies in the next five to six year with production budget of an average of $5 million each. "There is no doubt about the talent found here in the Philippines. Being from the industry and having a 17-year track record, I've seen the possibilities of what kind of quality that can be produced locally," said Saddul. Besides bringing technical skills to the local market, the company will also advocate proper strategies into the entertainment industry, which could be seen as an alternative investment opportunity for local businessmen. "This will be initially done for private investors and enthusiast and later on to the general public. This of course is dependent on the size of the projects that we will be embarking on," Saddul said. - Cheryl Arcibal, GMANews.TV