SINGAPORE's PSA International has set up a S$15 million (US$10.90 million) endowment fund in honour of the late Howe Yoon Chong to provide scholarships for Singaporean students from low income families.
Mr Howe Yoon Chong was chairman of the then Port of Singapore Authority from 1970 to 1979. He championed the building of Singapore's first container terminal that opened in 1972.
The Endowment Fund aims to award 150 scholarships in the first five years following its inception. It is anticipated that 30 to 40 scholarships will be awarded each year, depending on the quality of applications received.
The bond-free scholarships will pay for tuition and other compulsory fees in full and provide book and living allowances for up to four years. In addition, each scholar will receive a new laptop upon award of the scholarship.
The scholarship programme will be launched at the end of 2008 for study at the start of the 2009 academic year, a company statement said.
The scholarships will be available to Singapore citizens aged 25 and below who gain admission to any of the following institutions: National University of Singapore, Nanyang Technological University, Singapore Management University, SIM University, LaSalle College of the Arts, Nanyang Academy of Fine Arts, The Polytechnics, and Institutes of Technical Education.
To qualify for the scholarship, the applicant's household per capita income should not exceed S$750 per month, and attain at least B average in academic results,
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