De Venecia donates P1M to ease crisis

Saying he wants to start a chain reaction, Speaker Jose de Venecia announced on Tuesday he was donating P1 million of his own money as a way of heading off a fiscal crisis.

De Venecia had called on the rich to set an example by donating cash and jewelry to help raise funds for the government, as what government leaders in South Korea and Thailand did in 1997 during the East Asian financial crisis to help stabilize their currencies and strengthen their country’s reserves.