Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Presidential hopefuls begin seeking campaign funding
Lee Seok-joon, right, former minister for government policy coordination who is now an aide to former Prosecutor General Yoon Seok-youl, submits Yoon's application to register as a preliminary presidential candidate at the National Election Commission in Gwacheon, Gyeonggi Province, Monday. Yonhap
By Nam Hyun-woo
By Nam Hyun-woo
Running for the presidency requires not only qualifications and strong support ― it requires money, and lots of it.
With the National Election Commission (NEC) beginning to receive registrations by preliminary candidates for the presidential election slated for March 9 next year, presidential hopefuls' have also begun seeking financing for their campaigns.
Those registered as preliminary candidates will enjoy several advantages in their election campaigns over those who are not, such as being able to hire camp staff and send out campaign leaflets. The registration for final candidacy will take place from Feb. 13 to 14, which will be followed by an official full-scale campaign period.
Among major candidates, former Prosecutor General Yoon Seok-youl, who is viewed as the leading opposition contender, submitted his registration to the commission Monday as an independent. Another opposition contender, former lawmaker Yoo Seung-min from the main opposition People Power Party (PPP), also registered his election bid on the same day.
As registration begins, presidential hopefuls are now seeking to finance their costly presidential campaigns.
According to the NEC, the final candidates have to pay a total of 300 million won ($262,000) into an election trust, and those registering as preliminary candidates need to pay 20 percent of the total at the time of the registration.
Former Prosecutor General Yoon Seok-youl, a leading presidential contender for the opposition bloc, speaks to reporters after visiting the memorial altar of former Board of Audit and Inspection Chairman Choe Jae-hyeong's father at a hospital in Seodaemun District, Seoul, Thursday. Yonhap
The NEC has set the spending cap for candidates in next year's presidential election at 51.31 billion won each, and will allow them to raise up to 5 percent of this, or 2.57 billion won, from individual supporters.
Those who are running in a party's primary can raise an additional 2.57 billion won from their supporter groups, meaning a total of 5.14 billion won through fundraising.
This is a disadvantage for Yoon, who is yet to announce whether or not he will join the main opposition PPP. Yoon is now covering the costs of running his campaign from his own pocket and with the help of volunteer workers.
Due to this, PPP Chairman Lee Jun-seok said in an interview in April that “it is nearly impossible for independent contenders to withstand the preliminary period at their own expense or with individual supporters' donations.”
He added, “Only former candidates Chung Mong-joon and Ahn Cheol-soo were able to maintain their campaign until the moment they withdrew their candidacy to form a single candidacy (with others).” Former lawmakers Chung and Ahn were billionaire businessmen before they turned to politics.
Gyeonggi Province Governor Lee Jae-myung speaks during a policy debate between primary contenders from the Democratic Party of Korea in Paju, Gyeonggi Province, July 7. Yonhap
Those who are running in the election as a party member will also have to take on huge costs.
Nine contenders who participated in the ruling Democratic Party of Korea's (DPK) first round primary had to pay 100 million won each to the party. The six who passed the first round on Sunday have to pay an additional 300 million won for the next round.
Since the party does not cover primary contenders' cost for running their campaign offices and other expenses, the contenders have been busy raising funds through support groups.
On Saturday, Gyeonggi Province Governor Lee Jae-myung said on Facebook that he raised more than 900 million won just a day after he opened a bank account to receive support funds. The total stood at 1.41 billion won as of Sunday 6 p.m., according to his supporters.
Former Prime Minister Lee Nak-yon also revealed that he raised 800 million won in just one day ― his camp said the total fund stood at 1.44 billion won as of July 7.
While the DPK contenders are striving to rake in donations, the PPP began its primary, Monday, by starting receiving application for the preliminary rounds. The PPP will require 30 million won for those participating in the preliminary rounds, down from 100 million won during the previous presidential election.
Former Board of Audit and Inspection Chairman Choe Jae-hyeong reponds to reporters after announcing his bid to run in the presidential election next year at the Daejeon National Cemetery, Monday. Yonhap
In the meantime, Choe Jae-hyeong, former Board of Audit and Inspection (BAI) chairman, announced Monday his intention to run in the election.
“The recent circumstances of Korea cast a serious doubt whether the people and the young generation can dream of a better future,” Lee told reporters at the Daejeon National Cemetery, implying that the former top auditor for the Moon Jae-in government will run as an opposition candidate.
Choe has been at odds with Cheong Wa Dae since the BAI's audit last year on the Moon administration's decision to close the Wolsong-1 nuclear reactor before its maturity. He resigned from the post last month.