Wanted: Local Warren Buffetts
Following the announcement in June that billionaire Warren Buffett was giving the unprecedented sum of $37 billion to the Gates Foundation, Channel NewsAsia reports in its Singapore News the following call to local potential philanthropists:
While the unprecedented generosity of Mr Warren Buffett recently made headlines worldwide, a similarly selfless gesture closer to home went virtually unreported.
Dr Loo Choon Yong, the executive chairman of the Raffles Medical Group, donated 10 million shares - worth $8.9 million - of the publicly-listed medical group to its humanitarian arm, Asian Medical Foundation (AMF).
“I’ve been thinking of endorsing the AMF with a monetary donation since it was set up in 2003, but didn’t have the time,” Dr Loo told Today.
After consulting his family, Dr Loo finally made the donation - which will provide regular income through the share dividends as well - to coincide with the group’s 30th anniversary last month.
But while Mr Buffett, the world’s second-richest man, may have reignited philanthropy in the United States with a planned gift worth $60 billion to the Bill and Melinda Gates Foundation, Dr Loo’s gesture remains an exception in Singapore.
The rich here may be getting richer, but somehow there’s never enough to give away - on a regular basis, at least.
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