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BoT says growth would still be lower than 2.7% in 2014
Mathee Supapongse, senior director of BoT’s
Macroeconomic and Monetary Policy Department.
Despite positive signs that the economy would improve after the May 22
military coup, a senior official at the Bank of Thailand (BoT) said Friday
that economic growth most likely would increase by less than 2.7 percent in
2014.
Mathee Supapongse, senior director of BoT’s Macroeconomic and Monetary
Policy Department, said Thailand’s economy has shown positive signs after
the National Council for Peace and Order (NCPO) called a meeting with
economy-related agencies, aimed at driving the national economy and to
prepare government expenditures for the 2015 fiscal year, starting on
October 1st.
Preparations for the 2015 government budget are expected to be completed
within one month.
Also, the government-run Board of Investment (BoI) has set up a special
committee responsible for seeking approval for promotional privileges for
projects with combined investment of Bt600 billion which would improve
investor confidence, said Mathee.
Most importantly, the NCPO has asked the government-run Bank for Agriculture
and Agricultural Cooperatives (BAAC) to accelerate payments of about Bt90
billion that the former government still owed to farmers who had sold rice
to the state under the rice-pledging scheme, he said.
Once the payment is made, more money would be injected into the economic
system to help improve the livelihood of farmers and people at grassroots
levels.
However, economic growth this year is expected to stay at 2.7 percent as
projected by the central bank in March, said Mathee, adding that all these
positive factors should bear fruits for the country’s economy in 2015.
(MCOT)
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TMB hosts investing
workshop in Pattaya
A Thai Military Bank panel discusses investment
techniques at a May 27 workshop in Pattaya.
Thanachot Anuwan
Thai Military Bank shared experiences and knowledge on investing with its
customers at a workshop in Pattaya.
Customer administrator Panadda Tanchancheewin led the May 27 meeting at the
A-One Royal Cruise Hotel attended by bank customers from the eastern region.
Attapol Kiti-akarasatian, senior director of the bank’s Investment
Consulting Division, discussed fund and investment analysis.
Wanajan Ungthaworn, head of the International Investment Division at United
Overseas Bank talked about investment through the TMB Asset Management
program.
Tossaporn Sritula wrapped the day with a lecture on the connection between
investing and feng shui.
Thailand’s farmers finally getting paid for their rice harvest
A Thai government-run bank is actively helping free rice
growers from their debts as ordered by the National Council for Peace and
Order (NCPO).
As the accelerated payment for pledged rice under the NCPO order continues,
the Bank for Agriculture and Agricultural Cooperatives (BAAC) paid over Bt19
billion as of last Thursday and farmers are receiving their money
nationwide.
The management of the BAAC in Uttaradit’s provincial seat asked police and
soldiers to facilitate traffic and ensure safety at the bank and in its
vicinity as farmers from many districts of the province are flocking to the
bank to receive their long-awaited money.
The branch has disbursed more than Bt400 million to local rice growers.
The huge presence of farmers is also happening at the BAAC branch in Ban Thi
district of Lamphun.
From Monday, May 26, to Thursday, May 29, the BAAC has paid about Bt19.2
billion to 185,381 farmers who participated in the past government’s
rice-pledging scheme for the 2013/2014 rice crop.
The Government Pawnshop in Buriram seat is also congested with farmers who
are redeeming their valuables. It serves about 100 clients per day and
traffic is expected to rise next week. Redemptions outnumber borrowing by 80
percent for the time being.
Gen Chatchai Sarikalya, deputy economic chief of the NCPO, has met with top
officers of the Ministry of Commerce to lay down economic stimulation
policies and follow up other important work, including assistance for rice
growers.
They also discussed low rice prices and suspended attempts to sell
government rice pending rice stock examination and clear guidelines from the
NCPO. (MCOT)
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Thailand remains primary automobile producer in Southeast Asia
Thai automobile makers insist Thailand remains the
biggest automobile producer in Southeast Asia as the expansion of the
Indonesian automotive industry is aimed only at meeting local demand.
ASEAN Automotive Federation president Piengjai Keawsuwan said vehicles made
in Thailand were available in more than 100 countries and their presence
underlined the internationally recognized automotive industry of Thailand,
the quality of the automobiles it made and the strongest support industries
of the Thai automotive industry in Southeast Asia.
Last year Thailand produced 2.45 million automobiles.
The amount achieved a new 52-year high and makes Thailand the ninth biggest
automobile producer worldwide. It is also the biggest one-ton pickup truck
producer of the world.
The Ministry of Industry expects Thailand to increase its automotive
production to 3 million units within three years, by 2017.
Automotive production in Thailand this year is expected to fall 2.32 percent
to 2.40 million units from last year due to the economic slowdown.
Thai automotive exports still have bright prospects although Thai producers
may lose Indonesia as a market because Indonesia is producing some of its
automobiles in considerable volume and exporting them to Thailand.
Ms Piengjai said despite local political changes, automotive manufacturers
would not move from Thailand to Indonesia because Thailand has developed its
automobile-supply industries for as long as 50 years.
The ASEAN Automotive Federation president said neighboring countries
demanded more Thai-made autos, so the country should secure its position as
the biggest automobile producer in Southeast Asia. (MCOT)
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