KUALA LUMPUR, July 2 — Tabung Harapan Malaysia (THM) may do little to dent Putrajaya’s debts, but it has so far galvanised Malaysians into feeling united and proud of their contribution towards a “new Malaysia”.
Just a day after the crowd-fund was announced, THM had already collected over RM7 million, before historically breaking the RM100 million mark on June 25, when it reached RM108.22 million.
In just a month, it has now collected just shy of RM132 million, as of Saturday.
Here are some interesting facts about the amount collected so far:
1. The highest collection announced was on June 26, when THM received an additional RM18.25 million. This came after the second highest amount, which was RM15.53 million just the day before.
2. The smallest collection announced was just RM110,000 on June 17, which was not only a Sunday, but also fell on the Aidilfitri long weekend.
3. The average collection was RM4.4 million per day over the 31-day period, when calculated by mean.
4. THM collected RM31.44 million in its first three days, which was perhaps its most impressive streak.
5. After the first week, THM collection spiked twice, on June 16. the day just after Aidilfitri (RM7.92 million), and then on June 19 (RM13.27 million).
Malay Mail’s report is partly based on the data collected and made public by Thevesh Theva, who is currently studying Economics at the University of Cambridge, United Kingdom.
In an email interview, Thevesh said he started tracking the donation to gauge the public’s political engagement post-GE14, and an experiment in behavioural drivers of collective action.
“If the euphoria of overthrowing the government was just a temporary thing, then I’d expect to see a spike in donations when THM was first launched, followed by a gradual dying-out,” he said.
“On the other hand, if the euphoria translated into real, sustainable political interest, then I’d expect to see constant spikes in the daily donations, driven by very specific behavioural markers, like payday, news announcements, et cetera.”
He pointed at the spikes on June 6 and 7, which could be attributed to civil servants’ pay day.
“People were actively thinking about this, and waiting to donate the moment they had the money to do so. I highly doubt we would have observed a payday spike if they were apathetic,” he said.
Similarly, there was another spike on June 16 which he dubbed as the “Hari Raya generosity effect”: “A positive sign that amid the festivities, the public were thinking of how they could, in their own way, contribute to the country.”
But the private sector had also produced a similar effect, with the June 25 and 26 spikes as evidence, he said — the period when workers were expecting their pay.
THM’s impressive collection has been aided by several major donors, mostly corporations, who donated in the range of millions.
The biggest reported donor so far was Seremban-based property developer Matrix Concepts Holdings Bhd which donated RM5 million in total — RM3 million in June 5, and another RM2 million on June 14.
This was followed by giant developer, Mah Sing Group Bhd, which donated RM3 million in June 12.
But Thevesh pointed out that these major corporate donations only made up roughly 10 per cent of the total sum, further reinforcing the view of Malaysians’ generosity.
In addition, there have also been several interesting donors, such as 12-year-old Ervin Devadason, who donated RM214.60 that he has been saving for a drum set.
“What people give and the little I’m giving is definitely not going to be sufficient for the country. However, I want to be part of Malaysia,” Ervin told Malay Mail.
This came after another viral tweet of a boy, who allegedly donated RM562 worth of coins.
But there were also the Catholic Church that offered its weekly donation, an Ipoh caterer who sold food for the fund, and a horror film director who pledged 10 per cent of the box office earnings.
“We try to predict the dates of possible spikes if our hypothesis of deep, sustained interest is correct,” said Thevesh.
“The next public sector payday (July 18), private sector payday, official announcement of Cabinet (if it re-ignites interest), or even Merdeka (if the passion lasts long enough) are all markers to look out for!”
THM was launched on May 30 by the Ministry of Finance, following several independent crowdfunding attempt by Malaysians in order to help Putrajaya manage its debts.
Prime Minister Tun Dr Mahathir Mohamad then said the crowdfund was formed in response to Malaysians’ concern over the economic mismanagement by the former Barisan Nasional government, thanking them for their “patriotic move” to donate to the government.
Finance Minister Lim Guan Eng said the fund will continue until it hits a sizeable target, while tax exemptions will also be given to all who donate to the cause, including companies, adding that there will be no cap on the limit.
