RP raises funds for APEC

RP raises funds for APEC

MANILA (AFP): The Philippine government is seeking 145 million
pesos (US$5.6 million) in donations from the private sector to
help host the Asia-Pacific Economic Cooperation (APEC) summit in
November, an official statement said yesterday.

President Fidel Ramos has recommended that donations to "APEC
Foundation of the Philippines" be made tax deductible, the
statement said.

It quoted outgoing Trade Secretary Rizalino Navarro as saying
the government hoped to raise at least 145 million pesos from the
private sector. It plans to spend 387 million pesos (US$14.8
million) for the summit.

Six of the country's wealthiest ethnic Chinese "taipans"
pledged to jointly give at least 50 million pesos while the
Filipino-Chinese chamber of commerce pledged another 15 million
pesos, the statement said.

One of the taipans, property and plastics tycoon William
Gatchalian, said he would give an additional five million pesos.
The palace statement quoted Ramos as saying he would meet
representatives of other business sectors to raise more money.