PWO promises to speed up payments of 2-billion-baht warehouse rental fees

[rooster59]

PWO promises to speed up payments of 2-billion-baht warehouse rental fees

 

 

The state-owned Public Warehouse Organization has promised to speed up payments of warehouse rental fees to over 600 warehouse owners for the storage of rice bought under the rice pledging scheme of the Yingluck Shinawatra administration.

 

PWO board chairman Pol Lt-Gen Kraiboon Suadsong on Friday (Nov 17) met with the warehouse owners to discuss the unpaid warehouse rental fees owed by the PWO since 2012, totaling about 2 billion baht.

 

Warehouse owners have been complaining for years of the delayed payment of rental fees from PWO–a state enterprise under the Ministry of Commerce.

 

Full story: http://englishnews.thaipbs.or.th/pwo-promises-speed-payments-2-billion-baht-warehouse-rental-fees/

 

 

 

-- © Copyright Thai PBS 2017-11-18

 

[Cadbury]

As the story says:

"Meanwhile on Friday, the Rice Policy and Management Committee agreed to slow down the release of rice into the market until next year due to the arrival into market of newly-harvested rice in order not to affect the price of new rice". 

That rings a bell. Where have I heard that story before? So prices are still being manipulated by storing rice, old and new, and not selling it until the price is right. 

 

[worgeordie]

The never ending story.

regards worgeordie

[coulson]

One warehouse owner in Phayao province told Thai PBS that he borrowed from a bank to build the warehouse to store rice for the PWO and was obliged to pay back the bank with interests. He added that PWO owes him 15 million baht in outstanding rental fees and he badly needs the money.

 

3 years has passed since they ousted YL and they're still holding onto stock... 

[janclaes47]

2 hours ago, Cadbury said:

Where have I heard that story before? So prices are still being manipulated by storing rice, old and new, and not selling it until the price is right. 

 

Might have been in an economics lecture.

[Chris Lawrence]

Did they find more rice. Maybe this could get YL off the hook?

[halloween]

8 hours ago, Cadbury said:

As the story says:

"Meanwhile on Friday, the Rice Policy and Management Committee agreed to slow down the release of rice into the market until next year due to the arrival into market of newly-harvested rice in order not to affect the price of new rice". 

That rings a bell. Where have I heard that story before? So prices are still being manipulated by storing rice, old and new, and not selling it until the price is right. 

 

The alternatives are to sell all the stored rice, lowering the price (and profit) of the new crop and then offering further subsidies/gifts/handouts to rice farmers, or to release it onto the market slowly as to maintain a reasonable price for the current crop. Either method incurs cost to the taxpayer.

The rice scam is a gift that just keeps on giving, it's just that some people have difficulty working out who bears the responsibility for it.

[Cadbury]

5 minutes ago, halloween said:

The alternatives are to sell all the stored rice, lowering the price (and profit) of the new crop and then offering further subsidies/gifts/handouts to rice farmers, or to release it onto the market slowly as to maintain a reasonable price for the current crop. Either method incurs cost to the taxpayer.

The rice scam is a gift that just keeps on giving, it's just that some people have difficulty working out who bears the responsibility for it.

You're right it does keep on giving but I am not sure who to? Certainly not the farmers and from all accounts not the owners of the storage sheds.

I don't claim to know the answers but I suppose if the worst comes to the worst they can just keep on building more rice storage sheds for the rats to live in.

[lvr181]

15 hours ago, worgeordie said:

The never ending story.

regards worgeordie