george Posted August 25, 2003 Share Posted August 25, 2003 Thaivisa/Finance Thaivisa.com have today launched a new Finance section, Thaivisa/Finance Thaivisa/Finance will be filled with lots of new content for the expat community with business, economy and investments in mind. Some highlights: - New, exclusive articles about the Thai Stockmarket, provided by Thaistocks.com - Investing in Thai Stocks - Banking in Thailand - Live Bank Rates from Bangkok Bank - Realtime SET Index & Market Summary from The Stock Exchange of Thailand (SET) Info and tips: - Purchase of condominum in Thailand, - Purchase of land in Thailand - Import and purchase of vehicles - Tax in Thailand. ... and much more to come soon! Link to comment Share on other sites More sharing options...
george Posted August 27, 2003 Author Share Posted August 27, 2003 We have added Thailand Business News to the Finance section now. Link to comment Share on other sites More sharing options...
Bizz Posted July 18, 2004 Share Posted July 18, 2004 yee guys are a mind of information everywhere i look i get answers Ok first question if i want to shift money over to thailand how do i do it cost effectivly what is the cost of buying and selling shares. which bank allowes money to be transfered Link to comment Share on other sites More sharing options...
Mr Red Posted July 18, 2004 Share Posted July 18, 2004 This forum is an amazing find for me as I try to find all the info I can about transitioning to living in Thailand. Thanks in advance for the help! My question has to do with the selection of a bank in Thailand. I want to establish an account in a bank that: 1) I can access via the internet from here in the USA, 2) Transfer funds to/from my bank here to that bank 3) Access for funds when I and my wife are in Thailand 4) Allow access by a trusted member of her family Interest on the desposit is not the most important thing, but not minor either. As an aside, my wife is a Thai national and long-time US citizen. On a trip this Sep., she plans to renew her Thai passport and ID card to re-establish herself for potential future transactions such as buying a house/land. My research so far has pointed to the Bangkok Bank as a likely candidate. Any suggestions or comments? Link to comment Share on other sites More sharing options...
dseawarrior Posted July 26, 2004 Share Posted July 26, 2004 Thanks to Mr. Red for writing out my same basic banking question... Ditto on suggestions, anyone? Thanks! dseawarrior Link to comment Share on other sites More sharing options...
gamb00ler Posted August 25, 2004 Share Posted August 25, 2004 I can offer a little help! Bank of Bangkok does offer internet access, but not for joint accounts! If you use SWIFT to transfer money here, send in US$ only. Banks in Thailand have better exchange rates for US$/Thai baht. Of course for access while in Thailand, most Thai banks are fine with the larger ones having more ATM locations. I have used a US Bank of America bank account while in Thailand. They charge $2 per transaction and you can easily withdraw up to 25,000 baht (about $620 US) per day. For access by someone else I recommend having a separate account that is linked to your main account so that you can easily (thru internet!) transfer funds from your main account. Get a separate ATM card that is good only for this second account. This is good for security reasons as you need only put in that account the funds that are actually to be withdrawn and keep the rest of your funds inaccessible. Link to comment Share on other sites More sharing options...
Rinrada Posted August 25, 2004 Share Posted August 25, 2004 There was a good article yesterday in the London edition of the Daily Mail yesterday highlighting the fact that the big Banks (especially UK ones)are really "coining" it in profit wise by all the little extra charges lumped onto holiday makers/tourist bills when they use their credit and ATM cards overseas. In the case of one family...2.2 kids et al,on their annual hols to god forsaken Majorka or somewhere they used there cards for cash withdrawals,ice creams and probabally nodding donkeys and estimated that the charges came to £80.(extras) These banks could show Gordon Brown and the US IRS a thing or 2. I have mentioned before that with the old Nationwide BS card (sorry cant speak for our U.S.buddies)you pay Nothing-Nil-Zilch-Mai-mai-mai £ on cash withdrawals from your own flex A/c.(as before I do not work for them) I just do NOT LIKE being RIPPED OFF by the leeches...err ..financial institutions. If you want to chuck you dosh away.....chok dee na krup Link to comment Share on other sites More sharing options...
Yangpuss Posted February 20, 2005 Share Posted February 20, 2005 Okay, so where is this Finance forum? I don't see it listed anywhere except as a special announcement within the Business forum. Link to comment Share on other sites More sharing options...
Maka Posted March 18, 2005 Share Posted March 18, 2005 Okay, so where is this Finance forum? I don't see it listed anywhere except as a special announcement within the Business forum. OK Go to the 1st two posts, both by George. He starts each post with a link. Click the link. Voila, your there. Link to comment Share on other sites More sharing options...
Butterfly Posted July 26, 2005 Share Posted July 26, 2005 Actually we setup a Thai investment board with a few buddies from here a few months ago, but it didn't really take off. Not enough interests from members. Focus was mainly on stocks investing. I haven't been there for months, not sure if it's still there. I will check out. If you need the address to get there, PM me. Otherwise "management" here might regard this as SPAM if I disclose it here publicly in this thread. Link to comment Share on other sites More sharing options...
tochjig Posted November 27, 2005 Share Posted November 27, 2005 Great Idea from you guys Link to comment Share on other sites More sharing options...
rickyc9804 Posted December 1, 2005 Share Posted December 1, 2005 hey guys just thought i would add i have citi bank here in the states and i get no charges for withdrawing cash at atms anywhere in thailand and i always get the best exchange rate for that day its work so well for the last 2 years of visit's. hope that helps Link to comment Share on other sites More sharing options...
Heng Posted December 11, 2005 Share Posted December 11, 2005 For access by someone else I recommend having a separate account that is linked to your main account so that you can easily (thru internet!) transfer funds from your main account. Get a separate ATM card that is good only for this second account. This is good for security reasons as you need only put in that account the funds that are actually to be withdrawn and keep the rest of your funds inaccessible. This is applicable advice for all accounts everywhere. I do the same for my stateside, Thai, and other bank accounts, just have one account with access to Ameritrade, Etrade, various e-bills (cell phone, cable, etc.) WITHOUT overdraft protection linked to other accounts. The account only has funds when funds need to be transferred. That much less risk exposure in this day and age. Link to comment Share on other sites More sharing options...
Carmine6 Posted December 19, 2005 Share Posted December 19, 2005 This thread is kind of old, but here's a bit of my experience on the banking issue. I've been to LOS 4 times in 2005. Bangkok bank has a New York branch (and branches in 11 countries), so that may help if someone is moving a large amount of money over there or doing business over there. But that's just for info, I haven't asked. Their website has contact info. Citibank has one branch in Bangkok and they charge a smaller than normal fee for international transfers from Citibank to Citibank accounts. They also provide the ability to enter regular wire transfer information on the web and not go into a branch for this. Very convenient if you send money regularly to someone regardless of their bank, but they currently charge $30 for wires. For money to your own account, the fee is much less. I've wired money using Citibank, Washington Mutual, and Fidelity. Exchange rates for Citibank and Washingon Mutual were about 99% of the current foreign exchange rate, so not too bad. www. xe .com has current rates. Not sure of the exchange rate at Fidelity yet, but with their ATM card, I get basically 100% of the current foreign exchange rate. They charge an ATM fee if you don't have it waived due to balances with them. Their wire transfer fee is half of Citibank's but that may be based on my balances so could be higher for others. It also requires a visit to their offices to make the wire. For money in Thailand, I get the best rates with ATM cards. USAA bank charges nothing extra and I get 99% of current foreign exchange rates. Rates at Thai banks for currency and traveler's checks are normally less than I can get from the ATM, about 99% when rounded, but lower than the ATM rate. With Fidelity giving higher than 99.9% of the current rate, it's about 1% less. Not much of a difference, but if you're changing $300, it's a couple taxi rides worth. Link to comment Share on other sites More sharing options...
BlackJack Posted January 19, 2006 Share Posted January 19, 2006 you can invest your money in another country and earn interest on it and then TT the interest in to spend Aussie banks pay 6% at call then TT the money over you need to pay 10% on the interest accrued Link to comment Share on other sites More sharing options...
Kf6vci Posted March 8, 2006 Share Posted March 8, 2006 Well, my HSBC Bank "Plus Account" included travel insurance and free ATM withdrawals, but there is a monthly fee (I think for the first 6 months GBP 9.95 and then a bit more). this kind of deal is getting common and I tried to end it but couldn't before one year is up :-( Link to comment Share on other sites More sharing options...
kyselak Posted March 10, 2006 Share Posted March 10, 2006 Thai shares end flat; political woes offset energy gains BANGKOK, Thailand (AP) _ Thai shares closed flat Friday as gains in some energy blue chips were offset by profit-taking ahead of the weekend amid ongoing political uncertainties. «Investors remain concerned about the growing political tension and many sold ahead of the weekend in case changes take place during that time,» said Padermpob Songkroh of Bualuang Securities. The Stock Exchange of Thailand index closed 0.81 point lower, or 0.1 percent, at 728.18, after trading in a narrow range of 727.07 to 730.51. Decliners led advancers 164 to 136, as trading volume remained thin at 1.99 billion shares, compared with 2.20 billion shares Thursday. Analysts said many investors stayed on the sidelines after a small blast Thursday outside the Bangkok home of the chief adviser to the Thai king, and ahead of a planned march by protesters to the government house Tuesday to pressure Prime Minister Thaksin Shinawatra to resign. Among banks, Kasikornbank shed 1.5 percent to 64.50 baht in partial correction for a 2.3 percent rebound Thursday, Bangkok Bank dropped 0.9 percent to 110 baht. 101103 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 10, 2006 Share Posted March 10, 2006 Thailand Economy Interview By Vithoon Amorn BANGKOK, March 9 (Reuters) - A political crisis threatening Thai leader Thaksin Shinawatra has had little impact on the economy, but lengthy instability could affect private investment, central bank Governor Pridiyathorn Devakula said on Thursday. "When we look at real economic behaviour, we don't see much sign of change. Politics and economics are a bit separate," he told Reuters in an interview. But it was important the uncertainty be resolved soon even though the economy had resisted political worries which first emerged in the middle of 2005, Pridiyathorn said. "The thing that we fear most is private investment. When these kinds of things come up the thing most hard hit is the confidence of business. It ends up reducing private investment. I would like the situation to be calm as soon as possible." The anti-Thaksin campaign has unsettled financial markets and fuelled concerns that economic reform initiatives could suffer and hold back growth as he focuses on political survival. Thaksin has called a snap election for April 2 to in an attempt to defuse growing protests, mainly among Bangkok's middle classes, to force his resignation over allegations of corruption and abuse of power. But Pridiyathorn said he did not see any immediate need to adjust the central bank's 2006 economic growth forecast of 4.75 to 5.75 percent despite political uncertainties. The economy grew 4.5 percent in 2005 and 6.2 percent in 2004. MEGA PROJECTS Pridiyathorn said it might be premature to dismiss the fate of Thaksin's ambitious $43 billion infrastructure projects, planned for 2005-2009, because of the political campaign which he counter-attacks by calling a snap election for April 2. Initial investment funds for the infrastructure projects were in place for 2006, but Pridiyathorn said he was concerned about the lack of project details for 2007 and beyond. "If the government doesn't change the way they implement the mega-projects, you won't have the mega-projects. It's not this government or a new government, it's the way they implement the mega-projects." The central bank would continue raising rates until they become net positive after inflation, Pridiyathorn said. The Bank of Thailand, one of the most hawkish central banks in Asia, has raised rates 11 times since August 2004 in a determined bid to combat inflation. Rising core inflation, now at its highest since March 1999, was expected to peak and converge with recently easing headline inflation later this year, Pridiyathorn said. Analysts expect the central bank's key repo policy rate, which it raised to 4.50 percent on Wednesday, to peak at around 4.75 percent by mid-2006. "I will raise the rate until the real interest rates are positive. Whether that will be mid-year or at the end of the year depends on how fast headline inflation comes down," he said. Annual core inflation, excluding food and energy, was 2.7 percent in February, up sharply from 0.6 percent in the same month a year earlier. Broader headline inflation eased in recent months to an annual rate of 5.6 percent in February from 5.9 percent in January and a recent seven-year peak of 6.2 percent last October. "Core inflation is to peak this year, provided that oil prices do not go up further and if Dubai oil prices stay under $60 per barrel," Pridiyathorn said. (Additional reporting by Darren Schuettler) REUTERS 100227 Mrz 06 ENDOFMSG Link to comment Share on other sites More sharing options...
kyselak Posted March 13, 2006 Share Posted March 13, 2006 Thai shares increase on dividend buys ahead of anti-government rally BANGKOK, Thailand (AP) _ Thai shares increased Monday in razor-thin trade, as investors played it safe by collecting dividend stocks ahead of an anti-government rally overnight, traders said. «The index was boosted by selective buying, while regional gains helped lift sentiment a bit,» said Chakkrit Charoenmethachai, an analyst at Finansa Securities. However, political uncertainty still hung over the market. A demonstration calling for the resignation of Prime Minister Thaksin Shinawatra is likely to draw a large crowd late Monday. Leaders of the protest have said they will march to Government House early Tuesday to pressure Thaksin to resign. The Stock Exchange of Thailand index closed up 4.70 points, or 0.7 percent, at 732.88, lagging behind the solid gains recorded in many regional bourses Advancers led decliners 202 to 86. Volume was very thin at 1.39 billion shares, compared with 1.99 billion shares Friday. Kasikornbank, Thailand's third largest lender, gained 1.6 percent to 65.50 baht. The bank has said it will pay a dividend of 1.25 baht a share next month. 131124 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 14, 2006 Share Posted March 14, 2006 Singapore's Temasek holds 96 percent of Thailand's Shin Corp. after tender offer BANGKOK, Thailand (AP) _ Temasek Holdings, the investment arm of the Singapore government, has acquired a total of 96.3 percent of Shin Corp. after a tender offer, completing its takeover of the telecom empire from the family of Thai Prime Minister Thaksin Shinawatra. The announcement Tuesday by Shin's financial adviser, SCB securities, helped end market anxiety in recent weeks that Temasek might scrap the share purchase offer due to anti-government protests sparked by the deal. Thaksin's family sold its 49.6 percent stake in Shin Corp. in late January, turning over control of the country's largest telecommunications group to the Singapore company and sparking rallies from opposition politicians that have grown into massive protests. 140715 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 14, 2006 Share Posted March 14, 2006 Thai shares gain amid peaceful anti-government rally BANGKOK, Thailand (AP) _ Thai shares rose Tuesday on buying in dividend stocks, amid peaceful anti-government protests that followed a march to Government House to pressure Prime Minister Thaksin Shinawatra to resign, analysts said. Tens of thousands of demonstrators camped overnight at a Bangkok park and marched Tuesday morning to Thaksin's office in Bangkok to continue their mass protest. The prime minister was in northeastern Thailand on an election campaign stop. The Stock Exchange of Thailand index closed up 5.75 points, or 0.8 percent, at 738.63, after early profit-taking brought the index down to an intraday low of 730.81. Advancers led decliners 254 to 62. Volume continued to be relatively thin at 2.09 billion shares valued at 11.02 billion baht, compared with 1.39 billion shares valued at 9.37 billion baht Monday. 141104 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 15, 2006 Share Posted March 15, 2006 Thailand awards oil exploration blocks to Chevron, Total, 2 Thai companies BANGKOK, Thailand (AP) _ Thailand's Energy Ministry said Wednesday it has awarded concessions for three oil exploration blocks to four companies: PTTEP (Thailand) Ltd., Chevron Pattani Ltd., Total E&P Thailand and Thai Energy. The selected operators will have to pay around US$12 million for a six-year exploration concession on each block. If petroleum is discovered, the companies can apply for production rights, which are valid for 20-30 years. Companies will be charged a royalty rate of 5-15 percent depending on production rates, while 50 percent of their net profit will be paid as petroleum income tax. The Thai government is offering a total of 82 offshore and onshore blocks spanning 440,704 square kilometers across Thailand and its offshore areas in the country's latest petroleum concession bidding round. So far, 14 parties have submitted bids for 16 blocks. 150917 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 15, 2006 Share Posted March 15, 2006 Thai shares rise on Thaksin hints he might take hiatus from politics; index up 0.4 percent BANGKOK, Thailand (AP) _ Thai shares rose slightly on selective buying, as investors cautiously took Prime Minister Thaksin Shinawatra's hint at his possible hiatus from politics as positive news. The Stock Exchange of Thailand index closed up 2.58 points, or 0.4 percent, at 741.21. 151057 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 17, 2006 Share Posted March 17, 2006 Thai shares rise slightly amid political woes BANGKOK, Thailand (AP) _ Thai shares rose marginally Friday on bargain hunting among blue chips, but gains were limited by lingering concerns over political tensions as anti-government protests continued in Bangkok, analysts said. The Stock Exchange of Thailand index closed up 1.47 points, or 0.2 percent, at 741.43 after trading in a fairly tight range between 737.41 and 743.99. Decliners led advancers 170 to 145. Volume was relatively light at 3.27 billion shares worth 13.94 billion baht, compared with 4.35 billion shares valued at 15.28 baht billion Thursday. «Political jitters made investors reluctant to enter the market at this point. However, many are still hopeful for a positive resolution and not in a rush to cash out,» said Pongrat Ratanatawanananda, a strategist at Bualuang Securities. 171115 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 20, 2006 Share Posted March 20, 2006 Shares on Thai stock market end lower on fears of political uncertainty BANGKOK, Thailand (AP) _ Shares on the Thailand stock exchange ended lower Monday, as players took profit in some blue chips amid political uncertainty, analysts said. Trade was wafer-thin with few signs of compromise between the government and opponents seeking to oust Prime Minister Thaksin Shinawatra. Protesters plan to gather in Bangkok's financial district Tuesday. The Stock Exchange of Thailand index closed 6.92 points lower, or 0.9 percent, at 734.51. The index gained 1.8 percent last week. 201014 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 21, 2006 Share Posted March 21, 2006 Thai economic growth seen slumping amid political crisis by Nareerat Wiriyapong BANGKOK, March 21, 2006 (AFP) - A leading Thai think-tank warned Tuesday that the national economy could grow by less than 4.0 percent this year, as a continuing political deadlock hits investment and consumption. Under the shadow of political uncertainty, Thailand's economic growth could stall at 3.20 to 3.98 percent in 2006 compared to the 5.0 percent forecast, according to the Center for International Trade Studies at the Thai Chamber of Commerce University, one of Thailand's top private schools. "Investments would be worst-hit, as so far foreign companies have already ... shifted investments from Thailand to other countries -- especially Vietnam -- due to political conflicts," center director Aat Pisanwanich told reporters, One project lost to Vietnam already was a 513-million-dollar venture by US-based computer chip giant Intel, the center said. "Investment overall could drop by almost 6.0 percent this year," he said, especially if the government postpones several massive infrastructure projects that are seen as key drivers for long-term economic growth. The government had planned to invest 7.65 billion dollars on infrastructure this year in the first phase of a 44-billion-dollar scheme to improve highways and public transportation. But Thailand's political turmoil amid demands that Prime Minister Thaksin Shinawatra to resign over abuse of power accusations has put in doubt the government's ability to begin these projects this year. Thailand plunged into political crisis after Thaksin's family sold its nearly 50 percent stake in Shin Corp, the telecom giant he founded, to Singapore's state-linked Temasek for 1.9 billion dollars in a tax-free deal. Public anger at the deal has since snowballed into weekly protests, and the main opposition parties are boycotting April 2 snap polls called by Thaksin. Aat said private consumption could drop by as much as almost 1.0 percent in 2006 as the political crisis slows the spending of worried consumers. Consumer confidence hit its lowest level in five months in February, falling to 85.1, down from 87.1 the month before, the University of the Thai Chamber of Commerce said earlier this month. A reading below 100 indicates that pessimists outnumber optimists. The tourism sector might also see significant losses, according to Aat. "Tourism could shrink by up to 10 percent this year," he said. "So far, we have seen tourism in (the southern resort island) Phuket drop by 20 percent as Singaporean visitors cancel trips, along with those coming from other countries for joining conferences in Thailand," he said. "The best solution for the economy is Thaksin's stepping aside from politics and a mediator to be appointed as a new (caretaker) premier ... it would be better for the country to rebuild investor's confidence," Aat said. Three powerful business groups, including the Federation of Thai Industries (FTI), issued a joint statement Monday asking Thaksin and his opponents to cooperate and find a way out of the crisis. "We support calls for talks to bring back peace. The economy would be hard hit if the political tensions continue over the next two months," FTI's chairman Praphad Phodhivorakhun told AFP. str/sdm/lh AFP 210850 GMT MAR 06 Link to comment Share on other sites More sharing options...
kyselak Posted March 21, 2006 Share Posted March 21, 2006 Thai economic growth could drop by nearly 2 percent amid political crisis by Nareerat Wiriyapong BANGKOK, March 21, 2006 (AFP) - A leading Thai think-tank warned Tuesday that the national economy could grow by less than 4.0 percent this year, as a continuing political deadlock hits investment and consumption. Under the shadow of political uncertainty, Thailand's economic growth could stall at 3.20 to 3.98 percent in 2006 compared to the 5.0 percent forecast, according to the Center for International Trade Studies at the Thai Chamber of Commerce University, one of Thailand's top private schools. "Investments would be worst-hit, as so far foreign companies have already ... shifted investments from Thailand to other countries -- especially Vietnam -- due to political conflicts," center director Aat Pisanwanich told reporters, One project lost to Vietnam already was a 513-million-dollar venture by US-based computer chip giant Intel, the center said. "Investment overall could drop by almost 6 percent this year," he said, especially if the government postpones several massive infrastructure projects that are seen as key drivers for long-term economic growth. The government had planned to invest 7.65 billion dollars on infrastructure this year in the first phase of a 41-billion-dollar scheme to improve highways and public transportation. But Thailand's political turmoil -- snap April 2 polls are under threat amid demands that Prime Minister Thaksin Shinawatra to resign over abuse of power accusations -- has put in doubt the government's ability to begin these projects this year. Aat said private consumption could drop by as much as almost 1.0 percent in 2006 as the political crisis slows the spending of worried consumers, while the tourism sector might also see significant losses. "Tourism could shrink by up to 10 percent this year," Aat said. "So far, we have seen tourism in (the southern resort island) Phuket drop by 20 percent as Singaporean visitors cancel trips, along with those coming from other countries for joining conferences in Thailand," he said. "The best solution for the economy is Thaksin's stepping aside from politics and a mediator to be appointed as a new (caretaker) premier ... it would be better for the country to rebuild investor's confidence," Aat said. Three powerful business groups, including the Federation of Thai Industries (FTI), issued a joint statement Monday asking Thaksin and his opponents to cooperate and find a way out of the crisis. "We support calls for talks to bring back peace. The economy would be hard hit if the political tensions continue over the next two months," FTI's chairman Praphad Pgodhivorakhun told AFP. str/sdm/lh AFP 210728 GMT MAR 06 Link to comment Share on other sites More sharing options...
kyselak Posted March 27, 2006 Share Posted March 27, 2006 A rare event: positive news! Finally!! :-} Former drugs haven a 'Thaksinomics' success story by Sarah Stewart MAE SAI, Thailand, March 27, 2006 (AFP) - Once, not long ago, this district in Thailand's rural heartland was blighted by poverty and unemployment, and young lives were being lost to drugs and prostitution. But in just a few years its fortunes have changed dramatically, in a transformation repeated across the country which has fuelled the rise of Prime Minister Thaksin Shinawatra, the most powerful elected leader in the country's history. "There have been remarkable changes," says Nithee Suthammarak, a Mae Sai businesswoman who credits Thaksin's policies with everything from helping her craft enterprise boom to forcing drug pushers out of town. "Everybody has work and extra income, and people are running their own businesses." In Thailand's vast rice-growing lands, after the harvest is brought in, there is little to do for months on end. While the boys took drugs, bored young girls were lured to the bright lights and bars of Bangkok. "Before, there were many cases of this as no one had extra income and old women would come to the village and persuade the young girls to go to Bangkok. But now this almost never happens," Nithee said. Like many living here on the border with Myanmar, where jungle laboratories produce methamphetamine pills that flood across the border into Thailand, she welcomed Thaksin's "war on drugs" even though it has cost thousands of lives. "The villagers were happy with this policy, it got rid of the dealers and addiction among teenagers," she said of the bloody campaign which was condemned by human rights groups. Since Thaksin came to power in 2001 promoting a populist agenda of free-spending stimulus policies, farming incomes have more than doubled and poverty has dropped by almost half. The so-called "Thaksinomics" policies he pushed through included a million baht (25,600-dollar) fund for every village in the country, debt relief for farmers, the war on drugs and a low-cost healthcare scheme. Critics charged that these programs were wasteful and aimed only at securing Thaksin more votes. But the billionaire premier has captured the hearts of the rural masses, who make up about 60 percent of the population of 63 million, and who are likely to hand him a third victory in April 2 general elections. Many of his critics now grudgingly admit that Thaksin has brought real benefits to the rural poor, who were largely ignored by previous governments, but warn the rejuvenation of the countryside is not built on a firm foundation. Jacques-chai Chomthongdi from development research group Focus on the Global South said that poverty statistics plummeted as spending rose thanks to the money being pumped directly into rural areas. "But rather than that resulting in improved quality of life for people, we also see an increase in household debt, which has more than double during the same period," he said. "People feel quite optimistic under this administration because this is something they never experienced before, but the danger is that ... when debt accumulates again, and their ability to create long-term rural income disappears, they will be in a worse situation than before." In Mae Sai, where the workforce at Nithee's business has risen from 10 to 320 under Thaksin's policy of promoting Thai handicrafts, the women hard at work in a shady Thai-style pavilion smilingly dismiss such arguments. Many said that as well as having paid work for the first time, initiatives like the "Thirty Baht" (77 cent) healthcare scheme, which allows them to obtain any medical treatment for that token sum, had also changed their lives. Janthip Intawong, 66, said that when local doctors decided her thyroid tumour was too difficult for them to treat, she was transferred to a leading Bangkok hospital -- something she could never have afforded. "Without it I would have died. The tumour in my thyroid was growing bigger and bigger every day. But I just filled out the documents and I was sent there free of charge," she said. The products they sell now make their way to the capital and beyond, under the "One Tambon One Product" scheme which helps tambons -- groups of villages -- produce and market a particular handicraft. "Since Thaksin came to government, people have a better living," said Thongkrua Naochompoo, 60, as she stitched an elephant motif onto a belt. "There has never been anyone like him before, who cares about the poor rural people. We will not let him go." sls/sdm/pj AFP 270313 GMT MAR 06 Link to comment Share on other sites More sharing options...
kyselak Posted March 30, 2006 Share Posted March 30, 2006 World Bank: Thai economy takes blow from tsunami, drought, restive south, oil prices BANGKOK, Thailand (AP) _ Consumers and investors in Thailand held off spending in 2005 during a period that included the deadly tsunami, a drought, a Muslim insurgency in the south and skyrocketing oil prices, said a World Bank report released Thursday. Economic growth slowed to 4.5 percent last year compared to 6.1 percent in 2004, while receipts from the hard-hit tourism sector grew by only 0.5 percent, compared to almost 30 percent a year earlier, it said. In neighboring Laos, economic growth rose to 7 percent in 2005, from 6.4 percent the previous year _ due mainly to a fast-growing industrial sector. Poverty in the impoverished country has fallen from 46 percent of the population in the early 1990s to 33.5 percent a decade later. 300650 mar 06GMT Link to comment Share on other sites More sharing options...
kyselak Posted March 31, 2006 Share Posted March 31, 2006 Use foreign workers' remittances for development: UN SINGAPORE, March 31, 2006 (AFP) - Migrant workers in high-income countries remitted a record of more than 167 billion dollars to their families last year, a UN agency said as it called for measures to ensure the money is used for long-term development. In countries including Bangladesh and the Philippines, annual remittances exceed official development aid and foreign direct investments, the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) said in its latest report released here Thursday. If remittances sent through informal channels are counted, the figures could rise by as much as 50 percent, the UN's economic and social arm said. The agency urged governments in recipient countries to cut the costs of sending money home and help the workers' families channel the funds into more productive endeavours. Countries exporting migrant workers should also take steps to improve their skills and tighten policies to ensure they do not fall prey to unscrupulous recruitment agencies, UNESCAP said. "Policy-makers need to recognise that remittances are private flows of money that need to be treated as such. Therefore, these flows should not be taxed," it said. The money has already been taxed in the country of origin and imposing taxes will discourage workers from sending funds through the banking system, it added. It noted that levies charged by remittance service providers "are very high", with fees for small transfers reaching as high as 10-15 percent. "There is no doubt that more can be done to increase the volume of home remittances and to enable the recipients to use them more effectively," UNESCAP said. "Additional measures should be taken to increase the access of poor migrant workers and their families to formal financial institutions." UNESCAP urged banks in the workers' home countries to establish branches in host nations and allow micro-credit institutions and credit unions to transfer funds to rural households. The agency also said governments should give the right information about job opportunities to prevent situations in which families borrow huge sums to send a worker abroad, only to discover that the earnings are not enough to recover the cost. As of 2004, three of the top five remittance-receiving countries in the world were located in Asia -- India which received 21.3 billion dollars, China with 21.7 billion dollars and the Philippines with 11.6 billion dollars, the report said. Bangladesh, Pakistan and Sri Lanka are also among the major recipients of remittances, while Cambodia, Laos, Myanmar, Nepal, Thailand and the Pacific island of Samoa benefit to a lesser extent. In the Asia Pacific region, Australia, Hong Kong, China, Japan, New Zealand, South Korea and Singapore are major sources of remittances for developing countries. For Laos and Myanmar, neighbouring Thailand is a key source of workers' remittances, UNESCAP said. Outside the region, Canada, the United States, Britan, France, Saudi Arabia and the Gulf States are the main source of foreign workers' remittances. An increasing number of remittance-senders are women, it noted. AFP 310707 GMT MAR 06 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now