COVID Fallout: Provincial government moves to mediate debt-relief for Phuket businesses

By The Phuket News

 

The mediation sessions aimed to ease the extra pressure on local businesses from outstanding debts brought on by the COVID-19 situation. Photo: PR Phuket

 

PHUKET:-- The Phuket Provincial Government is calling for financial institutions to discuss terms for repayment of outstanding debts among local businesses as many are suffering heavily from the fallout of the COVID-19 lockdown provisions.

 

Financial institutions, including banks and non-banks, were invited to discuss terms of repayments at a special multi-mediation session held at Phuket Community Hall in Phuket Town yesterday (June 16).

 

The event was attended by Phuket Governor Phakaphong Tavipatana together with Vice Governor Phichet Panaphong and Phuket Provincial Office Chief Thalerngsak Nuchprahan.

 

Full Story: https://www.thephuketnews.com/covid-fallout-provincial-government-moves-to-mediate-debt-relief-for-phuket-businesses-76422.php

 

-- © Copyright Phuket News 2020-06-17

 

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So far the government has made many promises, but is not very forthcoming with money. And as long as the government doesn't pay, the banks can not take any action as well.

Also many promises towards the locals, SSO payments have sometimes been made, but in many instances not yet, and the 5,000 Baht for the people without fixed employment has in so many cases been refused it makes the promises made look ridiculous.

• Govt at both national & provincial levels have lifted most of the closure orders so that takes the responsibility of looking after it’s citizens, via ‘social security’ etc., out of the equation. Responsibility now firmly on the shoulders of the private sector
• Banks will only accumulate so much worthless collateral against bridging loans to help through this period. Not counting greed by some banking officials selling their own banks products in seeking to further their own cause of course
• Illegal & unscrupulous money lenders, together with equally unscrupulous and rich privateers that will be more than willing to take advantage of the current situation by ‘ripping off’ those desperate for cash.

im afraid it will take an awful lot of ‘mediating’ by the Provincial Govt. to ease the debt relief of Phuket businesses in these times.