 The pioneer batch of Howe Yoon Chong PSA scholars with Ms Ho Ching,executive director and CEO of Temasek Holdings (middle row, 6th from right), and Mr Fock Siew Wah, group chairman of PSA International (middle row, 7th from right). |
PSA International Pte Ltd presented the inaugural Howe Yoon Chong PSA scholarships to 29 Singaporean students from low-income families last week.
The bond-free scholarships, named in honour of the late Howe Yoon Chong, chairman of the then Port of Singapore Authority from 1970 to 1979, pay for the students' tuition fees and provide book and living allowances. Each student also receives a laptop computer.
To qualify for the scholarships, students must come from families whose per capita monthly household income does not exceed SGD750 (USD506), demonstrate at least B-grade academic results, have a good record of extra-curricular activities, and participate in community work, the arts or demonstrate leadership/entrepreneurial skills, and show science and technology innovativeness. Students must be Singaporean citizens aged under 25.
Although the scholarships are bond-free, the scholars are expected to follow Howe's example and are "morally obligated to contribute to society in some way" once they graduate and start working.
"It is our hope that they too in time will become outstanding achievers and contributors to society, just like Mr Howe - a far sighted and bold visionary who made significant contributions to Singapore," says PSA Group chairman Fock Siew Wah.
Howe built the first container terminal in Singapore, despite a sea of doubters. He played key roles in developing Singapore's infrastructure and financial framework, including the Mass Rapid Transit system, Changi Airport and public housing. He was a minister in the Singapore cabinet and a member of parliament from 1979 to 1984.
To honour Howe, PSA established a SGD16 million (USD10.8 million) endowment fund with contributions from PSA, Temasek Holdings and NSL Ltd to award the scholarships, which are administered by Temasek Management Services Private Ltd. For further details on the scholarship, visit
www.hycpsascholarship.com.
PSA dropped the name Port of Singapore Authority in 1997 when it became a corporatised entity. Referred to now as PSA International Pte Ltd or PSA, it is one of the leading global port groups. Its flagship operations are the PSA Singapore Terminals and PSA HNN. It participates in 28 port projects in 16 countries across Asia, Europe and the Americas with a global capacity of 111 million TEUs and 66km of quay length. In 2009, PSA handled 63.2 million TEU of containers worldwide.