GEORGE TOWN, March 20 — The state government is appealing for corporate sponsorship of the Penang Future Foundation (PFF) scholarship scheme that is at risk of running out of funds.
Penang Chief Minister Chow Kon Yeow said the PFF is down to its last RM5 million, enough to support scholarship recipients for around two years.
This year marks the 10th year since the PFF was set up where a total 805 undergraduates had benefited from it.
“We do not want to reduce the number of recipients, even though it is less this year, due to limited funds so we are appealing to the industry to contribute to this scheme as it also benefits the industry,” he said in a press conference at his office in Komtar today.
He said the state may also need to top up some of the funds to be able to continue supporting undergraduates in the science, technology, engineering, accounting and mathematics (STEAM) field.
The PFF scholarship scheme is the state government’s efforts to retain talents in Penang as it binds scholarship recipients to work in Penang for two to five years after graduating.
He said it is a tall order to expect the state to continue to provide a bottomless talent pool as this placed a high financial strain on the state’s already limited resources.
“Though we intend to continue with this initiative as long as possible, I must implore for the generosity of key industry players in Penang to step forward and contribute to ensure PFF remains a lifeline for deserving students,” he said.
PFF awarded scholarships total RM2.71 million to 54 students for 2024.
Between 2015 and 2024, a total RM44.5 million has been disbursed to a total 805 students.
Chow said as a result of the PFF, many of the graduates are now working in the industries in Penang and some have also completed serving the duration required.
The PFF scholarship is open to undergraduates studying in STEAM courses excluding medicine.
