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Thailand approves $10.5Bn Package to Assist Flood-Hit People and Business

A financial package of 325 billion baht has been approved by the Cabinet, during its meeting on October 25, to assist the people and business operators affected by the flooding.

Boris Sullivan

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flood damage costing 1-1.7 per cent of GDP

A financial package of 325 billion baht has been approved by the Cabinet, during its meeting on October 25, to assist the people and business operators affected by the flooding.

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The package will be offered to three groups of affected people: those operating large businesses, small and medium-sized enterprises (SMEs), and micro-businesses, including farmers.

Out of the amount, 65 billion baht will be in the form of a credit line for large businesses, including foreign investors, to use for production in industrial estates and the construction of dykes to protect their areas. A total of 170 billion-baht credit will be extended for SMEs, with a low interest rate. An 80-billion-baht loan will be extended to micro-business operators and farmers by the Government Savings Bank, the Government Housing Bank, and the Bank for Agriculture and Agricultural Cooperatives. Another 10 billion baht in credit will be offered by the Social Security Program for entrepreneurs to repair their workplaces.

Other measures seek to extend promotional privileges for the investors whose investments have been hit by floods and to facilitate their operations in terms of the granting of their visas and work permits. Another financial measure will be in the form of compensation offered to flood victims for their damaged houses and property.

The financial package was proposed by the Office of the National Economic and Social Development Board, which stated that the flooding impact on the people and businesses was very serious. The Government needs to prepare urgent measures to ease the hardships of flood victims and rehabilitate affected businesses.

The Cabinet assigned the Ministry of Industry, the Ministry of Labor, and the Ministry of Finance to prepare information for the registration of flood-hit people and businesses, so that financial institutions could offer special credit for them.

It also declared Thursday, October 27, Friday, October 28, and Monday, October 31 an extra government holiday in 21 provinces to allow residents to protect their houses and property and handle the flooding situation. The 21 provinces include Sukhothai, Phichit, Phitsanulok, Nakhon Sawan, Uthai Thani, Chai Nat, Sing Buri, Ang Thong, Ayutthaya, Pathum Thani, Nonthaburi, Lop Buri, Saraburi, Nakhon Nayok, Prachin Buri, Chachoengsao, Suphan Buri, Nakhon Pathom, Kamphaeng Phet, Tak, and Bangkok.

via Inside Thailand — A Financial Package Approved to Assist Flood-Hit People and Business Operators.

 

Presently, there has been serious flooding in many areas, which creates significant damage to factories and business operations. In order to help support BOI-promoted companies which are already affected or might be affected by flooding, the OBOI would like to announce that those who would like to move machinery or raw materials, or would like to seek other kind of help from OBOI, please directly contact the investment promotion bureau that looks after your project(s), at the following telephone numbers:

  1. Investment Promotion Bureau 1 (agricultural and light industries) 02 553 8298 (Khun Sithee Tanboonteck)
  2. Investment Promotion Bureau 2 (metals, machinery, and automotive industries) 02 553 8366 (Khun Anin Meksuksai)
  3. Investment Promotion Bureau 3 (electronics and electrical appliances industries) 02 553 8167 (Khun Tanavadee Khuvasanont)
  4. Investment Promotion Bureau 4 (chemicals, papers, plastics, and high value added services) 02 553 8294 (Khun Wuttichai Pisatphen)

Companies may contact the BOI office for help every day, including weekends. If any emergency occurs, BOI promoted companies may inform the BOI after moving machinery and raw materials out of the flood-affected areas

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