'Many (sponsors) have cut down (funding) or are not participating,' he said. -- ST PHOTO: DESMOND LIM
SINGAPORE - SINGAPORE'S plans to usher in the Chinese Year of the Ox this month have been clawed back by bearish economic sentiment as the city's budget for celebrations has been slashed, organisers said on Friday.
As sponsorship dries up amid the global financial crisis the amount of money earmarked for the event has been cut by 20 per cent, said Philip Loh, vice-chairman and head of publicity for the organising committee.
'Many (sponsors) have cut down (funding) or are not participating,' he said.
The cut of $425,000 to $1.7 million means visitors will be treated to fewer fire crackers, while the fireworks display will last three minutes instead of five, said Mr Loh.
Singapore, which is in a recession, is a majority ethnic Chinese city-state whose Chinatown district is the focus of Lunar New Year celebrations on January 26-27. -- AFP
