Macao Foundation funding surges to MOP933 million in 2023

The Macao Foundation (FM) has announced significant reforms to its funding system aimed at improving social welfare and enhancing resource allocation for citizens.

During yesterday’s episode of TDM Macao Forum,” chairman Wu Zhiliang emphasized the foundation’s commitment to promoting social harmony through a more centralized management approach.

In recent years, the FM has made substantial changes to its funding model, collaborating closely with government departments to streamline operations.

This shift addresses previous inefficiencies caused by overlapping funding initiatives that often resulted in wasted public resources.

In 2023, the foundation’s total funding reached MOP933 million (approximately USD116.55 million), a remarkable increase of about 66% from MOP572 million in 2022.

This surge is attributed to adjustments in the grant application timeline, with 2,162 projects applying for funding this year—an increase of 235 projects compared to the previous year.

In addition to financial support, the FM said it is dedicated to nurturing talent and promoting cultural development.

A notable initiative is the creation of “Macao Memory,” an online interactive multimedia database that preserves the region’s history and culture. This project received commendation from UNESCO in 2024, underscoring its significance.

Wu said the foundation conducts annual reviews to assess the effectiveness of its initiatives and continuously seeks improvements.

King Wong, head of the Sponsorship and Cooperation Department of FM, said a robust monitoring system is in place to oversee grant management.

This year alone, personnel conducted follow-ups on 544 occasions, issuing 280 warnings for late reports and implementing financial penalties for non-compliance. Such measures reflect the foundation’s commitment to accountability and transparency.

However, some listeners expressed concerns regarding smaller organizations facing challenges in securing grants.

Wong clarified during the program that all projects are evaluated against uniform standards, which consider factors such as social benefits, budget rationality and execution capability.

Larger organizations that align closely with government policies may receive more substantial funding due to their ability to enhance public services.

With increased funding, the FM pledged that it aims to ensure that resources are effectively used to benefit residents.

The foundation, which operates directly under the Chief Executive, approved over MOP507 million for the first three quarters of 2024, accounting for about 88.6% of its total funding for the year. Nadia Shaw