Sekani also said the Companies and Intellectual Property Authority (CIPA) approved the reprographic reproduction rights tariffs on March 18, 2022. She added that the fiscal year-end marked their first full year of revenue collections from the tariff. She also explained that in its introductory year, the reprography rights revenue amounted to P5, 288, 757 while music rights totalled P13, 247, 981. Furthermore, she stated that the total declaration of royalties for Distribution 16 was P11, 270, 071, representing a 36% increase from the previous fiscal year. She explained that in the fiscal year ended 2022, the declared Distribution 15 royalties was P8, 300, 000.
She said the Distribution 16 royalties were segmented as follows; P9, 558, 290 for music rights and P2, 027, 577 for reprographic rights. “COSBOTS is committed to ensuring that copyright owners are the primary beneficiaries of the strides made in royalties collections. The fiscal year-end distribution revenue ration stands at 61%, indicating that 61% of our revenue collections have been allocated as royalties to copyright owners. The Distribution 16 declaration is detailed as follows; music rights P9, 558, 290 and reprographic rights P2, 027, 577 all totalling P11, 270, 071,” she said. Speaking of their operating expenses for the year, she said they totalled P11, 643, 447.00 representing a 12% reduction from the previous year’s expenses of P13, 263, 521.00. She explained that the reduction highlighted COSBOTS’ commitment to a stringent budgeting process, which enabled them to manage their resources more effectively and reduce overall expenditure.
