As a response to the government's call for support to address the fiscal crisis, major Chinese-Filipino businessmen vowed to participate in the fund-raising campaign, a local newspaper reported Thursday.

Lucio Tan, the Chinese-Filipino tycoon who was listed by Forbes Magazine as a wealthiest in Southeast Asian, Wednesday announced to donate more than 1 million pesos (about 17,850 US dollars), as much as the amount the lawmakers targeted to gather from each of the country's 5,000 richest families.

The immigrant from China's Fujian province developed his business into an empire of tobacco, brewery and airlines, a major contributor of the country's tax.

He also has through his foundation supported various government projects and programs in education, agriculture and other socio-civic projects.

Another Chinese-Filipino business magnate, George S.K. Ty, who chairs Metrobank, also pledged to contribute 1 million pesos the day after the House of Representatives called for a national fund-raising campaign, Freedom Fund, to balance the massive fiscal deficit.

"Anything to help the country grow. I hope the others would follow and I think they should," Ty said.

The two, who followed President Gloria Macapagal-Arroyo to China for a state visit starting Wednesday with other 68 Chinese-Filipino businessmen, told the Philippine Star in Beijing that they would discuss how much each would contribute to the Freedom Fund.

Citing the huge debts and ballooning deficit, Arroyo announced a state of fiscal crisis in the country last month and launched energy saving and government austerity program to address the problems. She also appealed the national business sector, including Chinese-Filipino entrepreneurs who play major role in the country's economy, to give a hand.

Refusing to disclose the figure though, Henry Sy, owner of the SM chain of giant shopping malls, said he is willing to contribute to the fund based on a collective decision made by the committee of the Chinese-Filipino businessmen, or the taipans.

"I don't want to mention any amount. I leave it to the committee (of taipans) to decide. But definitely it should include everybody whether taipan or not. People can afford (to give), it's not only the taipans," Sy told the Star.

Despite the looming fiscal crisis, Sy still expressed the confidence that "we are able to hold on in spite of the times."

Leading the fund-raising campaign, House Speaker Jose de Venecia Jr. earlier donated 1 million pesos to the "Freedom Fund," as seed money which he hoped would reach 5 billion pesos to help ease the economic problems the country suffers from now.

Presidential Spokesman Ignacio Bunye Thursday appreciated the congressmen and business community and even the ordinary people for their sacrifice to meet the crisis.

"This reflects the right spirit and attitude that will pull us through the steep challenges we face, even as we work on the detailed and concrete action plans to steer the economy away from the critical point on the road ahead," he said in a statement.

He said with cost-cutting and austerity measures started and tax reform measures on deck in Congress, "We will drive international confidence as we put our house in order, gaining credibility and support through our collective spirit of discipline and enterprise."

Source: Xinhua