CITYNET Foundation

September 2009 will mark another important milestone in the history of CITYNET, with the launching of the CITYNET Foundation during the Yokohama Congress. The seeds of the Foundation were planted during the adoption of the Medium Term Plan for 1998 - 2001 in 1997 when strategies to enhance the financial stability of CITYNET were sought. Since CITYNET cannot depend on membership fees alone; it requires other sources of revenue to help ensure its continuous operations. Thus, setting up a trust fund from grants and other contributions was recommended. In 2004, during the 19th Executive Committee Session, the City of Makati agreed to host the CITYNET Trust Fund Foundation, where the Office of the Mayor will act as the Secretariat responsible for the management of the affairs and operations of the Foundation. At present, the CITYNET Foundation is working on its registration to Securities and Exchange Commission of the Phillipines.