The 5th Bangkok International Film Festival closed on Sunday night with the world premiere of Thai action drama Muay Thai Chaiya amid widespread rumour that it was the last time the curtain would fall on the event.

'It is not definite that we won't have another one,' says Chattan Kunjara Na Ayudhya, Tourism Authority of Thailand (TAT)'s director for international public relations. 'But the future hinges on having real partners who can offer financial contributions. TAT will no longer be the full sponsor, not even the main one.'

With a budget of $2.7m (80m baht) this year, the event was fully funded by government agency TAT. 'It's better in the long run to have a group of organisations hosting the event, rather than just one office,' Chattan adds.

This year, he was appointed chief officer overseeing the event for the first time and probably his last, as he will move to head the TAT New Delhi office from October.

Over 120 films were played over 11 days, recording an attendance of around 18,000 this year. About 30% of the films, including all international and ASEAN competition titles came with Thai subtitles - a big improvement from previous editions which helped boost ticket sales.

The Golden Kinnaree Awards were presented by Thai Princess Ubol Ratana on Saturday night. Argentine director Lucia Puenzo of XXY was on hand to receive the best film award for the film's 'cutting edge sensibility' and 'unique subject matter'.

A special jury prize was given to Li Yu's Lost In Beijing 'for its insightful observation of contemporary China and its rapidly changing values'.

The best ASEAN film award went to Malaysian director James Lee's Before We Fall In Love Again for 'its cinematic inventiveness and its handling of the experience of love and loss'. Lee, a pioneering independent filmmaker, won the same award two years ago with Beautiful Washing Machine.

The best short film award was given to Eternally Yours by Atsushi Ogata from Japan.

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