MANILA, Philippines?Radiant Studios, local unit of US-based holding company Radiant ERA Holdings LLC, started principal photography last week on its first feature film, a movie starring Hollywood actor Dean Cain, and local stars Jericho Rosales and Gary Valenciano. Rosales is playing the lead role.

In a press statement, Radiant Studios said the film was being shot entirely in the Philippines and had a budget ?a little under $5 million.?

The company is advocating ?proper strategies? by which investors can enter the entertainment industry, which it sees as an alternative investment opportunity for local businessmen and strategic institutional investors looking for valuable content.

?The domestic roadshows have been quite successful and have sparked a renewed interest in the movie-making industry as a viable alternative investment,? Andrei Aquino, Radiant vice president for business development, said.

Radiant Studios said it is applying US investment practices to their film projects that will translate to a better-documented and risk-regulated approach for investors.

?We?ve been in talks with several high net worth individuals as well as major institutional investors who are in the market for content,? Aquino said. ?We are in negotiations with a major multimedia content giant belonging to the country?s telecommunication conglomerate.?

He added: ?Since they have given very positive feedback to our initial presentation, they are currently reviewing our investment package.?

With the Rosales-Cain film, Aquino said, the company is out to claim ?the event movie of the year? in the local entertainment industry.