Penang Chief Minister Chow Kon Yeow has made an urgent appeal to corporations to support the Penang Future Foundation (PFF) scholarship program, as the funds are running low and may be depleted in the next few years without additional contributions.
The PFF was initiated with an initial fund of RM40 million a decade ago, which has gradually decreased over the years. Chow emphasized that since the scholarship program does not generate any returns, the funds have been depleting annually, leaving less than RM10 million currently available.
"We have not actively sought contributions from the private sector all these years, so the funds were depleting every year," Chow said during a press conference at his office in Komtar.
The PFF scholarship program is designed for students pursuing courses in Science, Technology, Engineering, Mathematics (STEM), as well as Accountancy and Finance, with the condition that scholars work in the private sector in Penang after graduation.
"We are appealing to the industry to contribute to PFF as these scholars will eventually work for them," Chow stated, emphasizing the importance of corporate support in nurturing local talent that would benefit the private sector.
The PFF has awarded scholarships to 700 students between 2015 and 2022, with two categories of scholarships offered: Penang Scholar and Mutiara Scholar. The Penang Scholar category is for students with strong academic performance, while the Mutiara Scholar category is for those from underprivileged backgrounds.
Chow highlighted the success of the PFF program, noting that 475 scholars have graduated, and 214 who completed their service bond are currently working in multinational corporations (MNCs) and small-medium enterprises (SMEs) in Penang. Another 254 scholars are still serving their service bonds.
While the PFF has received contributions in the past from companies like NI and local property developer Hunza Group, Chow believes more financial support can come from Penang's strong ensemble of more than 350 MNCs and 4,000 SMEs.
Without additional support, the upcoming PFF 2024 scholarship award could be one of the last, Chow cautioned.
Regarding the Penang House of Music (PHOM), which is facing permanent closure due to financial constraints, Chow stated that it is up to the organization to negotiate with the shoplot owner regarding their rental arrears. He welcomed offers from third parties to assist the organization but reiterated that the state has been providing an annual grant of RM500,000 to support PHOM, which must be managed judiciously to ensure the organization's sustainability.
PHOM, located on the fourth floor of Komtar's ICT Mall, was founded by Paul Augustin in 2016 and features Penang's musical journey from the 1900s to the present day. Despite its cultural significance, PHOM has announced its permanent closure due to financial difficulties.
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