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.