The Ministry of Commerce has stressed the government’s efforts to solve low pricing of oil palm kernels, bringing forward measures over the next two months to bring down the stock volume to a normal level.

The Department of Internal Trade Director General, Wichai Phochanakij revealed today the government has been working to resolve the low oil palm kernel pricing faced by farmers, with the Ministry of Commerce proposing palm oil stock rebalancing measures which were approved by the National Palm Oil Policy Committee on 1st November 2018, and later proposed to the Cabinet on 20th November 2018 to expedite the use of 160,000 tons of palm oil in stock for electricity generation at Bang Pakong power plant, promoting consumption in the energy sector, and re-balancing palm supply and demand in the country.

One of the factors leading to poor palm oil pricing is the warm climate causing palm fruit to become ripe prematurely, leading farmers to sell the produce to oil extractors resulting in higher costs and lower yields, while many farmers are speeding up the harvest at their farms to find money for tuition fees for their children as the new school term approaches.

The decision by the European Union to cancel the use of palm oil as a biofuel ingredient, and the increase in import tax by India which is the world’s largest palm oil importer also affected the pricing.

The Department of Internal Trade has been accepting registrations from crude palm oil producers to supply the Electricity Generating Authority for electricity generation from 2nd January to 1st March 2019. The campaign has reached the 160,000 tons goal. The EGAT has so far received 152,000 tons of palm oil, with 8,000 remaining to be shipped this month.

The department is also promoting the use of B20 biodiesel at 20 million liters daily. Related agencies are now working to issue B20 certifications for compatible car engines, encouraging manufacturers to produce more models compatible with B20, and providing a discount on B20 sales to be 5 baht per liter less than diesel oil, and providing tax discounts for biodiesel vehicles. These measures are expected to create more than 1,270,000 liters of palm oil consumption annually.

The DIT director general added that these measures will help bring down in-stock palm oil from 370,000 tons to a normal margin over the next two months, which will help stabilize the prices farmers receive in the future.

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BANGKOK, 26 April 2019 (NNT) – Non-performing assets (NPAs), including second-hand houses, offered by the Government Housing Bank (GH Bank) have drawn interest from the general public. In 2018, the GH Bank sold second-hand houses with a total value of over four billion baht, higher than the target by 358 million baht. In the first quarter of this year, more than one billion baht worth of second-hand houses were sold and the bank will auction about 4,100 second-hand houses this Saturday (Apr 27).

The GH Bank President, Chatchai Sirilai, said the bank’s NPAs have been popular among the public because the bank has measures to ease their financial burden. People can visit ghbhomecenter.com to check out many second-hand houses and special deals at different events. The bank will run its NPA auction four times a year.

On Saturday, the GH Bank will auction about 4,100 houses, including detached and semi-detached houses, commercial buildings, apartments, and vacant land, at discounted prices. The auction of 854 NPAs in Bangkok and nearby provinces will be held at the GH Bank headquarters on Rama IV Road. The auction of 3,246 NPAs in regional areas will be held in different branches of the GH Bank nationwide.

Auction winners can enjoy the bank’s zero-percent interest instalment plan. The highest bidder can live in the house once they pay the price they submitted. For more information, please visit www.ghbank.co.th.

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BANGKOK, 24 April 2019(NNT) – The Thai government is advancing four infrastructure projects in the Eastern Economic Corridor (EEC).

All projects will be able to be included in the joint venture signing in May. They will promote Thailand as an important trade hub in Asia.

The meeting reported on progress of four major projects, including a high-speed rail linking three airports.

The High-speed rail linking three airports

After the appraisal of the proposal in late January, Charoen Pokphand Holdings or CPH submitted a proposal for investment and returns which has been approved by the committee.

The State Railway of Thailand (SRT) will prepare a draft joint venture agreement for the Office of the Attorney General and the EEC Office before submitting it to the cabinet. It is expected that the joint venture agreement will be signed in May.

The U-Tapao Airport and Eastern Aviation City Development Project

The U-Tapao Airport and Eastern Aviation City Development Project is currently in the…

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BANGKOK, 24 April 2019 (NNT) – The World Bank has forecast Thailand’s economic growth to slightly slow down and rise 3.8% this year while the general economy of East Asia and the Pacific is expected to slow down and rise 6% this year and next year.

According to the World Bank’s economic analysis report for April 2019, Thailand’s economic growth is forecast to slow down and rise 3.8% this year and 3.9% next year, compared to 4.1% last year. So are the economic growths of Vietnam, the Philippines, Laos, Mongolia, Cambodia and Myanmar largely depending on major infrastructural investment projects.

Due to high inflation and slowdowns in its export sector, China’s economic growth is forecast to remain stable and rise 6% during 2019 and 2020, compared to 6.3% last year.

Kiatiphong Ariyapratchaya, a senior economist attached to the World Bank’s Thailand branch, forecast Thailand’s economic growth to be considerably affected by slowdowns in export sector but still better than the last few years while domestic consumption and investment will be a mjaor force behind future economic growths.

However, Mr. Kiatiphong said, such forecasts do not take risks in political sector into account . He said the delayed formation of a post-election government will affect new investment projects of the public sector and the confidence of the private sector by 2021.

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