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Thai Cabinet approves new economic stimulus measures

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Thailand Business News

The Thai Cabinet today approved three new stimulus packages to prop up the softening economy, said Finance Minister Uttama Savanayana.

The government expects the measures to propel full-year economic growth to 2.8% from a projection of 2.6% recently announced by the National Economic and Social Development Council (NESDC).

The Office of the National Economic and Social Development Council (NESDC) has recently announced that Thailand’s Q3 2019 GDP growth came in at 2.4 percent, adjusting the overall GDP growth this year down to 2.6 percent, citing negative factors from the trade war affecting the export sector.

The aim is to boost the economy during the remainder of this year and the first quarter of next year

Finance Minister, Mr Uttama Savanayana

1. Grassroot economy  booster

The first package is to boost the grassroots economy and is divided into three sub-projects, namely a village fund for 71,742 villages graded A, B and C. 

Each will receive 200,000 baht to invest in community rice barns, space to dry crops, rice mills, organic fertilizer, water sources or machinery for processing farm products.

There is also the Credit for Community Business project under which the BAAC will provide credit lines, amounting to 50 billion baht, to Village Funds and urban communities for investment in small businesses. The credit line will be for three years at an annual interest rate of 0.01%.  The program will start on December 1st and end on November 30th 2023.

2. Helping farmers to reduce costs

To help farmers cover harvesting and rice quality improvement costs for the 2019-20 crop year, each household will…

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Smarter strategies for sharing South Asia’s rivers

Author: Ashok Swain, Uppsala University South Asia is facing severe water scarcity. As the region’s population grows and its economies develop, a lack of sustainable water development strategy is leading to increasingly acute water shortages. The region is home to nearly 2 billion people, almost half of which depend on the large river systems shared […]

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Deputy prime minister instructs environment board to strictly steer EIA-related measures

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BANGKOK (NNT) – Deputy Prime Minister Gen Prawit Wongsuwon, has instructed the National Environment Board to strictly steer Environmental Impact Assessment (EIA)-related measures. The deputy prime minister chaired a meeting of the National Environmental Board attended by Natural Resources and Environment Minister Varawut Silpa-archa.

The meeting considered the Bangkok Metropolitan Administration’s project remediating Bang Khun Thian coastal erosion and the Department of Drainage and Sewerage’s center for coastal survey and monitoring. The panel approved a report on the improvements to the Mass Rapid Transit Authority’s Taksin railway station, with strict regard to the EIA measures.

The committee also approved the setting up of a new subcommittee on the administration and management of plastic and electronic garbage to replace the outgoing one.

The National Environment Board instructed the Ministry of Natural Resources and the Environment to concretely implement operational plans which have already been approved with intent to preserve a pure environment and with regards to the management of plastic and electronic garbage, including that which may have been imported. The ministry is yet to raise the awareness and understanding of the people and tourists, about public participation in sustainable environmental conservation.

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TAT to co-host PATA Destination Marketing Forum 2019 in Pattaya

Bangkok, 25 November, 2019 – The Tourism Authority of Thailand (TAT) is preparing to welcome high profile tourism professionals worldwide to the PATA Destination Marketing Forum to be held at the Renaissance Pattaya Resort and Spa between 27 – 29 November, 2019.

Organised by the Pacific Asia Travel Association (PATA), the event is being held under the theme, “Redefining a Destination: Reviving the Past to Reimagine the Future”. The one-day conference has been designed to offer an unprecedented, culturally-immersive experience of the host destination along with inspiring and insightful discussions on some of the major issues in marketing and managing tourism growth.

Mr. Tanes Petsuwan, Deputy Governor of Marketing Communication, TAT said, “As TAT gets set to celebrate its 60th anniversary in 2020, we look forward to sharing our experience on six decades of tourism development, and how it has shaped the country.”

On 29 November, 2019, the welcome address will be delivered by Mrs. Srisuda Wanapinyosak, Deputy Governor for Europe Africa Middle East and the Americas, TAT as a co-host of the Forum.

Also, in the afternoon, Mr. Tanes will deliver a special talk on “Thailand Tourism’s Role in Redefining a Destination – From the Past 60 Years towards the Future.”

Ms. Thapanee Kiatphaibool, TAT Deputy Governor for Product and Tourism Business will be one of the panelist discussants on the “Case Study of CBT in Thailand.”

TAT will also host a welcome reception on 28 November at The Ocean Marina Yacht Club Pattaya and the farewell dinner on 29 November at The Grande Center Point Pattaya.

Three complimentary technical tours have been organised for delegates to discover the gems of Pattaya and the surrounding area by engaging with the culture, enjoying their cuisine and savouring their traditional lifestyles. 

These tours will include a visit to natural resource management projects initiated by the late King Bhumibol Adulyadej at the Siri Charoenwat Forest Plantation and the Takhian Tia community, which still practises the traditional ways of self-sufficient Thai living. They will also enjoy a traditional performative art form, ‘Khon’, before learning how to cook Thai food and experiencing first-hand how rice – a staple of Thai cuisine – is cultivated.

Pattaya is also an ideal base to tour the Eastern Seaboard provinces of Chon Buri, Rayong, Chanthaburi and Trat. The Royal Thai Government is now in the process of re-developing this area into the Eastern Economic Corridor that will link all the major airports and seaports of Bangkok and this entire region with high speed road and rail connections.

The history of Thailand’s travel, tourism and transportation linkages with the neighbouring Mekong countries can also be traced back to Pattaya. It was at the PEACH Convention Centre, Royal Cliff Beach Resort, host of the annual PATA conference in 1996, that an agreement was signed to create the Agency for Coordinating Mekong Tourism Activities (AMTA). 

In 2018, Chon Buri province (where Pattaya is located) recorded approximately 22 million trips (+3.65%), comprising of Thai visitors 9.7 million trips (+ 2.93%), and foreign tourists 12.3 million trips (+ 4.23%), resulting in total revenue of 315.442 billion Baht (+ 18.75%). The top 5 source markets of foreign tourists were China, Russia, South Korea, India and the Middle East.

“We are looking forward to some interactive learning and sharing experiences. It has been many years since Pattaya hosted a PATA event, so this will be a good opportunity to reconnect with many industry professionals from around the world.”

Mr. Tanes Petsuwan, TAT Deputy Governor for Marketing Communications

Other hosts of the event are the Thailand Convention and Exhibition Bureau (TCEB), the Designated Areas for Sustainable Tourism Administration (DASTA) and Pattaya City.

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ASEAN launches Poll on ASEAN Awareness 2018

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ASEAN launches Poll on ASEAN Awareness 2018

JAKARTA, 29 November 2019 – ASEAN launched the Poll on ASEAN Awareness 2018 Report at the ASEAN Secretariat today. According to the report, 96% of respondents surveyed are aware of ASEAN. The sense of belonging to the ASEAN region was also high, with nine out of ten respondents identifying themselves as ASEAN citizens.

The Deputy Secretary-General for ASEAN Socio-Cultural Community, the Ambassador of Japan to ASEAN, representatives of the Permanent Mission of Singapore to ASEAN, Senior Officials Meeting Responsible for Information, the ASEAN Foundation, think tanks and media heads gathered to witness the unveiling of the survey findings and infographics.

Supported by the Government of Japan through the Japan-ASEAN Integration fund, the poll aims to measure general understanding of and perception towards ASEAN, evaluate current communication strategies, and identify key sources of information for effective dissemination to ASEAN citizens. Ipsos Business Consulting, a research agency, conducted the survey from October to December 2018.

In his remarks, ASEAN Deputy Secretary-General for Socio-Cultural Community Kung Phoak said, “the findings of the Poll on ASEAN Awareness will guide us in developing future communication strategies that could better resonate with our peoples across ages and income levels. It will also strengthen the implementation of several key initiatives in the upcoming 2020 Year of ASEAN Identity.”

“Japan has always supported ASEAN centrality and unity. It is my belief that this project also contributes to sustaining and enhancing ASEAN centrality and unity,” remarked Ambassador of the Mission of Japan to ASEAN Akira Chiba. “Through the conduct of the Poll on ASEAN Awareness, ASEAN citizens can increase their sense of belonging to ASEAN Community and be truly convinced as to the necessity of sharing this regional framework,” Ambassador Chiba added.

The poll’s infographics are available here. The findings of the poll will be disseminated in various events and media channels.

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Thai children play online games almost everyday

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A survey on online gaming behaviour shows some 70 percent of Thai children play them almost everyday, increasing exposure to violence in some games and bullying.

BANGKOK (NNT) According to the Situation of Thai Children Online Gaming Behaviour Survey this year, conducted with some 3,000 samples in secondary and vocational schools across the nation, 88.33 percent of the respondents say they have played online games, with 64.66 percent saying they play everyday for an average of 3-5 hours per day.

8.1 percent of children in Bangkok say they play online games for more than 8 hours a day during weekends, mostly at home or dormitory. The most common factor for starting to play online games is a friend’s invitation, followed by information in online media.

The survey result was revealed at a seminar on Thai children’s online behaviour and threats posed, by the Association of Youth Radio and Media, the Thai Health Promotion Foundation and related agencies.

The survey team pointed out a concern over exposure to violence shown in some of the games, which may influence violent behaviour in players, and a trend to accept E-Sport as a sport will encourage them to play games for longer periods.

Many of the children surveyed also spend more than 500 baht monthly on online games, while those involved with online gambling generally spend some 1,000 baht a month.

Bullying is also found in the online gaming community in terms of agitation, threats, defamation, slander and identity fraud. Academics suggest children should talk to their parents or teachers when bullied, and collect evidence for prosecution. Parents and teachers should also help improve digital media literacy among children.

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Finance Ministry, banks launch campaigns supporting home subsidy…

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BANGKOK(NNT) – After the cabinet meeting this week approved a subsidy on home purchase down payments, people can register for the benefits at www.บ้านดีมีดาวน์.com, starting at 8 a.m. on December 11, 2019, as state-run specialized financial institutions have launched a campaign that offers low-interest loans to home buyers.

The Director of the Fiscal Policy Office (FPO), Lavaron Sangsnit, as the Spokesman for the Ministry of Finance, said today that the ministry had called a meeting with 19 finanical institutions along with the Housing Business Association, the Thai Real Estate Association and the Thai Condominium Association to explain the government’s 50,000-baht subsidy for 100,000 home buyers, and other stimulus measures.

All state-run financial institutions in Thailand are offering low-interest loans to support the government’s economic stimulus schemes. Krungthai Bank (KTB) has launched a campaign offering loans with an average interest rate of 2.5% for three years. Customers are also entitled to free appraisals, while front-end and registration fees are waived. For every 1 million baht in loans, customers in specific occupations can choose to pay 1,000 baht per month for a period of one year, under the scheme.

The Government Savings Bank (GSB) is offering 25 billion baht in low-rate mortgages, at 0.01% annually with a 10-baht installment payment on every 1 million baht lent, for the first year. The monthly installment for the second and third year is 3,700 baht. From the fourth year, the installment is 8,300 baht per month. Customers can also spend the loan money on home repairs.

Meanwhile, the Government Housing (GH) Bank is offering loans with an interest rate of 2.5% for the first three years for property units at prices below 3 million baht. For every 1 million baht lent, the monthly payment is 3,300 baht for the first three years. On November 27, the GH Bank allocated 4.3 billion baht in home loans for 2,200 applicants.

The Spokesman for the Ministry of Finance said today that cooperation between the government and the financial institutions would help the property sector sell at least 100,000 out of 270,000 available property units by the end of this year. The measures, aimed at stimulating growth in the overall economy, is expected to create positive momentum in the next quarter.

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US Farm Deals With South Korea and Japan to Limit China Trade War Retaliation

News Analysis The Trump administration’s new farm deal with South Korea and the passage of Japanese agricultural import legislation undermine China’s trade war retaliation strategy. China’s trade war retaliation strategy, which is aimed at economically targeting President Donald Trump’s rural voting base, took two huge hits this month. South Korea ended its four-year rice ban on […]

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