More people jump on 'Love Rupiah' bandwagon

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)