More people jump on 'Love Rupiah' bandwagon
JAKARTA (JP): Real estate executives joined the "Love Rupiah" campaign yesterday, exchanging US$30,000 for the national currency, even though the property sector was the first and hardest hit by the monetary crisis.
"We support the campaign because it is in our own interest," Enggartiasto Lukita, one of several developers to sell dollars, said.
The campaign shifted into high gear with people whose businesses are in dire straits joining government officials, politicians and military officers in the spontaneous movement to shore up confidence in the battered currency.
The president of CalEnergy Asia, an American company which has seen several of its geothermal projects in Indonesia scrapped or reviewed by the government because of the crisis, also took part.
Donald M. O'Shei, appeared at a local branch of Bank of America to convert $450,000 into rupiah at Rp 7,300 to the dollar.
"Our company is proud to be the first international company to join the 'Love Rupiah' campaign. We consider ourselves to be a member of the Indonesian community " O'Shei said, adding that the sum was symbolic of its continued support of Indonesia.
The Indonesian Editors Group, an organizer of one of the drives in the campaign, said $4.7 million were sold yesterday.
By far the biggest donor was a cocoa exporter from Central Sulawesi whose name has rarely been heard in Jakarta, Haji Murad Husein. The group said this man from Luwuk converted $1 million at the BDN in Palu yesterday, after selling $2 million Tuesday.
The group's campaign yesterday was focused at Bank Dagang Negara's office on Jl. Thamrin. It was spearheaded by three cabinet ministers -- Minister of Investment Sanyoto Sastrowardoyo ($2,000), Minister of Manpower Abdul Latief ($17,000) and Minister of Public Housing Akbar Tandjung (US$1,500).
Armed Forces Chief of Sociopolitical Affairs Yunus Yosfiah turned up to sell $2,200.
The absence of the country's richest tycoons from the campaign was not missed by the military.
Armed Forces (ABRI) chief spokesman Brig. Gen. Wahab Mokodongan said the military had phoned 13 tycoons of Chinese descent to ask them to join the campaign by selling their dollars. "It would even be better if they donated their dollars."
Wahab did not conceal his disappointment at their absence.
He said they reaped so much profit when the economy was stable that it was natural to expect them on the frontline.
Many ABRI members have joined the "Love Rupiah" campaign, but soldiers were being urged to donate, rather than sell their dollars. "It is more respectable to donate, even if it is only one dollar," he said, adding that most of these dollars were leftover from ABRI members' foreign visits.
Real estate
Among real estate executives taking part yesterday were Edwin Kawilarang (Bimantara Group), Kosmian Pudjiadi (Pudjiadi Prestige), Soeksmono and Herman Soedarsono (Duta Graha), Suyanto Gondokusumo (Dharmala) and Budiarsa Sastrawinata (Ciputra Group).
Other business leaders included The Nin King from Argo Manunggal Group, Burhan Uray from Djajanti Group, Gowindasamy Munusammy from Texmaco, Teddy P. Rachmat from Astra International, Anthon Riyanto from Ritra Group, Mooryati Sudibyo from Mustika Ratu, Rosita Noer from PT Kirana Satria Asta Enam and Achmad Kalla from Kodel Group.
Minister of Women's Affairs Mien Sugandhi took dozens of businesswomen to Bank Bumi Daya's Kebon Sirih branch to sell their dollars.
The BDN office at the Manggala Wanabakti building took $343,000 from forestry officials and businesspeople.
Minister of Forestry Djamaludin Suryohadikusumo led the way, selling $4,000 of his own funds, according to an aide.
Prajogo Pangestu, chief commissioner of PT Barito Pacific Timber, exchanged $30,000.
Djamaludin said he had been appealing to all timber companies to exchange their dollars for rupiah since October. Most of them have apparently complied.
State forestry companies had converted their October to December earnings of $36.68 million into rupiah, he said.
Prajogo said Barito Pacific had converted $200 million since Djamaludin's instruction, and would convert a further $600 million of its export earnings this year.
Meanwhile, 22 members of the Jakarta Legislative Council yesterday sold $2,843 at Bank DKI yesterday.
"I hope all councilors who have leftover dollars from their travels abroad will convert their money," said council speaker Edy Waluyo.
The Indonesian Editors Group said their campaign would move to Exim Plaza tomorrow. State Minister of Research and Technology B.J. Habibie, Head of the Supreme Advisory Council Soedomo, Minister of Education and Culture Wardiman Djojonegoro and Deputy Chairman of the National Development Body Rahadi Ramelan are expected to take part. (gis/jsk/ind/imn/emb)