Kuomintang (KMT) announced Wednesday that it will choose a new leader on March 26. Eric Chu resigned last week after his electoral defeat.
The KMT has also decided to reduce spending on electing a new leader from 2 million to 1.6 million New Taiwan dollars (about 47,400 U.S. dollars).
In a speech at KMT headquarters in Taipei on Saturday, Chu acknowledged his failure, taking full responsibility and resigning from the post of KMT chair.
Deputy speaker of the island legislature Hung Hsiu-chu on Wednesday became the first to announce that she would run for the post.
