BANGKOK, Thailand – The government has reiterated its commitment to addressing household debt, with a focus on alleviating the financial burdens of home loans, car loans, and SME loans. The Ministry of Finance and the Bank of Thailand are collaborating to develop targeted solutions that offer financial relief while ensuring fiscal discipline.
Prime Minister Paetongtarn Shinawatra, alongside the Economic Stimulus Policy Committee, has approved the “Economic Stimulus Program for Senior Citizens,” aimed at reducing living costs and enhancing the quality of life for individuals aged 60 and above. The program is also expected to stimulate domestic spending, inject funds into the economy, and support broader economic growth.
The Finance Ministry announced recently that a second phase of the 10,000 baht digital wallet program will benefit approximately four million seniors. With a total budget of 40 billion baht, payments will be distributed via PromptPay linked to national ID numbers by January 2025. Eligibility is restricted to seniors with annual incomes below 70,000 baht and bank account balances under 500,000 baht. Recipients must register through the “Thang Rath” application and must not have participated in earlier phases of the program or other recent welfare initiatives.
To ensure inclusivity, the government plans to provide alternative registration methods for seniors without smartphones. Broader implementation for other demographic groups is scheduled for mid-2025, following system readiness and security evaluations. (NNT)
