The dispersion terms are evaluated with the perturbation theory based on the locally projected molecular orbitals. A series of model systems, including some of the S22 set, is examined, and the calculated binding energies are compared with the published results. The basis set dependence is also examined. The dispersion energy correction is evaluated by taking into account the double excitations only of the dispersion type electron configurations and is added to the 3rd order single excitation perturbation energy, which is a good approximation to the counterpoise (CP) corrected Hartree-Fock (HF) binding energy. The procedure is the approximate "CP corrected HF + D" method. It ensures that the evaluated binding energy is approximately free of the basis set superposition error without the CP procedure. If the augmented basis functions are used, the evaluated binding energies for the predominantly dispersion-bound systems, such as rare gas dimers and halogen bonded clusters, agree with those of the reference calculations within 1 kcal mol(-1) (4 kJ mol(-1)). The limitation of the present method is also discussed.