Economics

90% of plants affected by flood to resume output in Q4 (Thai minister)

Ninety percent of factories in industrial estates hit by devastating floods last year are expected to resume output in the fourth quarter of this year, said Pongsvas Svasti, Industry Minister.

Published

9 years ago

June 5, 2012

Akanksha Singh

Ninety percent of factories in industrial estates hit by devastating floods last year are expected to resume output in the fourth quarter of this year, said Pongsvas Svasti, Industry Minister.

The production sector has almost returned completely to normal with plants and factories in seven industrial estates in Pathum Thani and Ayutthaya exhibiting positive signs after the post-flood rehabilitation, the minister said.

Currently, about 75 percent of all factories, or about 626 from all 839 entrepreneurs, have resumed business. Meanwhile, 97 percent, or 7,669 plants out of all 7,893 plants located outside industrial estates, have resumed output.

The ministry will seek approval from the Cabinet on June 5 to support two-thirds of a 3.2 billion baht budget for construction of permanent flood prevention walls at industrial estates.

Meanwhile, Witoon Simachokedee, permanent secretary for industry remarked about assistance given to the industrial sector affected by floods that the measures have satisfied investors.

So far, import duties for the purchase of new machinery to replace ones damaged by floods have been exempted in 410 investment projects worth more than 94 billion baht. Visas and work permits were issued to 823 foreign officials of 218 companies to repair machinery. (MCOT online news)

via 90% of plants affected by flood to resume output in Q4.

Thailand’s initial losses in nationwide flooding were estimated at Bt60-90 billion or 0.6-0.9 per cent of Gross Domestic Product GDP, according to Finance Minister Teerachai Puwanartnaranubala. A loss of some Bt60 billion, or 0.6 per cent of GDP, was indicated by The Bank of Thailand, however the Office of the National Economic and Social Development Board NESDB assessed the loss at Bt80-90 billion or up to 0.9 per cent of GDP.

Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

Published

2 weeks ago

March 28, 2021

Headline Editor

The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

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Economics

50:50 campaign may not get immediate extension

Published

3 weeks ago

March 26, 2021

National News Bureau of Thailand

BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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Economics

Customs Department Considers Measures to Help SMEs

Published

3 weeks ago

March 24, 2021

National News Bureau of Thailand

BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

(more…)