In my coverage of FIICAV, I discussed the incentive laws that allow private companies to use a percentage of their tax money to finance national films. It therefore makes sense that Brazil's largest company, the oil giant Petrobrás, is also the largest funder of the arts and the single most important investor in Brazilian cinema. The company recently announced the details of its yearly Programa Petrobrás Cultural (PCC), which will launch its next phase in November with total funding increasing by 33% to R$80 million (US$36.59 million*). Petrobrás' profits have gone up and that means there is more money available for the arts.

This extra cash won't necessarily make it to film productions, as the PPC will be expanding beyond its traditional sectors to dance and theater companies, literature, and art-education. However, small- and mid-scale film festivals will now be eligible for public funding, in addition to the larger festivals (such as Festival do Rio, Mostra de São Paulo, Gramado Film Festival, and Brasília Film Festival) that are already funded by the PPC. As for the highly competitive slots for production funding, 26 films will share an investment of R$3.5 million (US$1.60 million*) and almost all of them will be independently distributed.

*using the current exchange rate of US$1 = R$2.1862