When the anti-government United Front of Democracy Against Dictatorship (UDD) protestors mobilized around the capital since March and eventually converged their rallies to Bangkok’s most thriving tourist and shopping hotspot of Ratchaprasong intersection, hoteliers and business operators countered a major blow as they watched their earnings and revenue slashed.
Employees found themselves temporarily jobless. While the UDD protests appear to show no signs of retreating despite the Government’s proposition of a house dissolution and the five-point roadmap towards peace and harmony, the Democrat-led government has provided measures to assist the workers and businesses affected by the political situation, to prevent further damages and relieve the burden carried by the public.
The government has divided measures into two categories: employees who have been temporarily laid off and businesses in which earnings are reduced by the UDD protests. On 4 May 2010 a budget worth 388 million THB has been proposed to the cabinet to assist businesses and workers affected by the UDD demonstrators in Ratchadamnoen Road, Ratchaprasong junction and its nearby areas, and Silom.
According to the Labor Minister, Phaitoon Kaeothong, workers affected will be given 3,000 THB per person and up to 93,775 people are expected to seek assistance, worth a total of 281.3 million THB. Meanwhile 1,500 street vendors at Phan Fah Bridge and Ratchaprasong have received 10,000 THB per person, or a total of 15 million THB.
To assist the business affected, the government will provide soft loans to business operators.The Small and Medium Enterprise Development Bank o f Thailand (SME Bank) will subsidized the level of minimum lending rate up to three points where a credit line value of 5 billion THB will be provided. Meanwhile, the Revenue Department has delayed corporate tax and other taxes such as value-added-tax (VAT) and property tax filing by 180 days.
The impacts of UDD demonstrations has rippled to 3,395 hotels in Ratchadamri, Ploen Chit and Rama I, affecting 63,601 employees. As of 20 April 2010, 7 hotels have temporarily ceased their operations from 13 locations and two out of five department stores in the area have closed down. This also includes a temporary closure of 11 commercial banks from the 30 branches in the area.
According to reports, the prolonged political situation may cut GDP by 0.4-0.6%, with potential to reach up to 1%, costing at least 140 billion THB. The initial GDP forecast before the protests were set at 4.5%.
Meanwhile Commerce Ministry Permanent Secretary Yanyong Puangrach on 28 April 2010 had encouraged retailers and department store operators affected by the protests to join trade fairs for stock clearance. The Commerce Ministry will hold a special trade fair under the Thailand Grand Sales fair for retailers to sell their items to clear stocks and reduce costs. Currently the search for the location of the Blue Flag Fair is being expedited for retailers to sell their products at a low-price allowing operators to increase channels of sales to customers.
Even though these measures implemented will cushion the damages in the short-term, the government must expedite a firm measure to bring back normalcy to the economy, people and the nation. The return to normalcy however will only commence if both sides come to an agreeable standing which leads to the retraction of the UDD protesters in the Ratchaprasong intersection.
Reporter : Dolsinee Kritayapimonporn
Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures
The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.
BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.(more…)
Thai Government Plans to Increase 2022 Investment Budget by 90 Billion baht ($2.84 bln)
According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.
BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.(more…)
Subscribe via Email
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000...
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...