Digital wallet to the rescue: PM bets on cashing in for Thailand’s economy

[snoop1130]

 

Prime Minister Paetongtarn Shinawatra firmly believes that the government’s policy, particularly the digital wallet handout programme, will act as a significant catalyst to regenerate the flailing economy of Thailand. This policy will be officially presented to Parliament over two days, starting tomorrow, as mandated by the constitution, before the government can begin its work.

 

The 38 year old Paetongtarn plans to deliver an overarching view of the government’s policy, while Cabinet ministers will provide specifics on their respective areas of responsibility. She emphasised the importance of the digital wallet programme, noting its role in economic stimulation.

 

“The digital wallet programme will become clear after the policy statement. I will provide an overall picture while the finance minister will explain the details. The digital wallet programme aims to stimulate the economy. If such a stimulus is still not enough, we are ready to restructure the economy to become a digital one.”

 

She clarified that the digital wallet is just one of several economic stimulus policies but acknowledged it as the primary one for immediate economic impact. Addressing concerns about the plan to split the 10,000-baht (US$300) payment into two parts, she argued for the need to adjust the system to ensure prompt disbursement.

 

“It will take some time to install the digital wallet system, but people cannot wait, so we need to make adjustments to ensure they receive the money as quickly as possible. The payments will be made in phases. Payments in tranches, along with other economic stimulus measures, will help boost the economy.”

 

 

 

 

The government has committed to distributing 145 billion baht (US$4.3 billion) in cash through the digital wallet programme to vulnerable groups and state welfare cardholders starting tomorrow. Those already registered via the Tang Rat application will receive 5,000 baht (US$150) by the end of this year, with the remaining half coming in digital currency next year if the digital wallet system is not fully operational.

 

Digital wallet

 

This scheme is central to the government’s strategy to revitalise Southeast Asia’s second-largest economy, which grew by 2.3% in the second quarter. A recent change in government following the court’s removal of Srettha Thavisin as premier has created uncertainty regarding the commencement of these stimulus measures. Paetongtarn, Srettha’s successor, confirmed last week that part of the handout would now be given in cash.

 

Deputy Prime Minister and Defence Minister Phumtham Wechayachai verified that the digital wallet handout scheme would be presented for Cabinet approval tomorrow. The revised government figures indicate that the 450 billion baht (US$13 billion) required for the scheme will be sourced from the budgets for fiscal years 2024 and 2025.

 

Approximately 140 billion baht (US$4 billion) will come from the fiscal year 2024, with about 23 billion baht (US$683 million) from the central budget and 122 billion baht (US$3.6 billion) from the additional budget for that year.

 

A supplementary bill to increase the current fiscal year’s budget by 122 billion baht (US$3.6 billion) to partially fund the scheme has already been passed by Parliament. Additionally, around 187 billion baht (US$5.5 billion) of the 450 billion baht (US$13 billion) will come from the 2025 central budget, leaving the scheme still about 117 billion baht (US$3.5 billion) short.

 

Wanwichit Boonprong, a political science lecturer at Rangsit University, noted that Paetongtarn’s policy largely continues the previous administration’s initiatives. He pointed out that several policies of the new government appear to be inspired by former Prime Minister Thaksin Shinawatra’s statements at a recent local forum, reported Bangkok Post.

 

Olarn Thinbangtieo, a political science lecturer at Burapha University in Chon Buri province, observed that some government policies, including the plan for an entertainment complex with a casino, were not part of their election promises.

 

“Many policies are similar to those proposed by Thaksin at the forum, which shows the government may have been influenced by Thaksin.”

 

By Bright Choomanee

Picture courtesy of ThaiPost

 

Source: The Thaiger

-- 2024-09-12

 

 

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[ozz1]

Bla bla bla let's see if it really happens and as long as there is no corruption in the scheme ha ha

[ikke1959]

They are so very wrong.. It will be a burden for many years  to pay back the loans and will cost investments.. They should push the same sex marriage bill to be signed asap as in all countries all over the world the economy has a lot of benefit of it. Many gays in Thailand are waiting to get marrried, which will stimulate the local businesses, as for dinners, shows, music, flowers, gifts, clothes, and many more... but it is still not signed and published for an unknown reason..  And after it is signed there is still a 4 month waiting so nothing  that can boost the economy can be done before June next year... And that is much cheaper than give everyone 10k

[hotchilli]

13 hours ago, snoop1130 said:

Prime Minister Paetongtarn Shinawatra firmly believes that the government’s policy, particularly the digital wallet handout programme, will act as a significant catalyst to regenerate the flailing economy of Thailand.

Thailand's doomed if that's what they believe.

[RichardColeman]

Has it really come to having dole out money to people to get your economy going ? I'd rather grow slower and keep the money. 

[Henryford]

Is the economy doing badly? The baht is certainly strong. Printing money was never the answer.

[Pouatchee]

14 hours ago, snoop1130 said:

particularly the digital wallet handout programme, will act as a significant catalyst to regenerate the flailing economy of Thailand.

 

how do they possibly think that indebting the country more will help?

 

--> nearly forgot... trillion is bigger than billion and the taxes on long term foreigners is supposed to bring in close to a trillion...

 

we will fund this spoof and still have no rights. even the lowest of thais still looks down on us as they say 'falang' with a smirk and then proceed to charge us double for our vegetables at the local market

[lahgon29]

7 minutes ago, Pouatchee said:

 

how do they possibly think that indebting the country more will help?

 

--> nearly forgot... trillion is bigger than billion and the taxes on long term foreigners is supposed to bring in close to a trillion...

 

we will fund this spoof and still have no rights. even the lowest of thais still looks down on us as they say 'falang' with a smirk and then proceed to charge us double for our vegetables at the local market

Don't understand you, mate. I never get charged double at markets or anywhere else, and it's been 12 years here. My missus doesn't like people who rip off my/her money.. 

Thais don't seem to look down on me either.. Treat them with respect and humour and see what happens.. Mind you, I am in Issarn.. Friendlier people up this way, maybe. 

[phetphet]

15 hours ago, snoop1130 said:

The digital wallet programme aims to stimulate the economy. If such a stimulus is still not enough, we are ready to restructure the economy to become a digital one.”

 

How will restructuring the economy to become a digital one stimulate it?

[Pouatchee]

1 hour ago, lahgon29 said:

Don't understand you, mate. I never get charged double at markets or anywhere else, and it's been 12 years here. My missus doesn't like people who rip off my/her money.. 

Thais don't seem to look down on me either.. Treat them with respect and humour and see what happens.. Mind you, I am in Issarn.. Friendlier people up this way, maybe. 

 

Go go underwater world in pattaya, any national park, thai hospitals, sny museum. If you havent noticed its cos you dont want to. Of course the beer and ciggies are the same price.

 

Did you ever notice the local markets dont price their items for all to see? Wonder why? Or maybe you dont got shopping by yourself. A lot different when acconpanied by a thai.

 

BTW i never said all thais are bad so please dont lecture me on treating them with respect etc... neen here a bit longer than you so maybe i had the opportunity to see more.

 

PS  i didnt say tesco or makro... i said local market... very different bunch of beans

 

[TheAppletons]

12 minutes ago, Pouatchee said:

BTW i never said all thais are bad so please dont lecture me on treating them with respect etc... neen here a bit longer than you so maybe i had the opportunity to see more.

 

  ".....even the lowest of thais still looks down on us as they say 'falang' with a smirk...."

[Pouatchee]

4 minutes ago, TheAppletons said:

 

  ".....even the lowest of thais still looks down on us as they say 'falang' with a smirk...."

 

Knit picking? I didnt say all. You want to read into it what you want ho ahead... if you didnt understand that it means that some thais in every category of thai be it hi so or even the disenfranchised  harbor resentment against foreigners well then you must struggle when peopld make inuendos or use double meanings

[lahgon29]

56 minutes ago, Pouatchee said:

 

Go go underwater world in pattaya, any national park, thai hospitals, sny museum. If you havent noticed its cos you dont want to. Of course the beer and ciggies are the same price.

 

Did you ever notice the local markets dont price their items for all to see? Wonder why? Or maybe you dont got shopping by yourself. A lot different when acconpanied by a thai.

 

BTW i never said all thais are bad so please dont lecture me on treating them with respect etc... neen here a bit longer than you so maybe i had the opportunity to see more.

 

PS  i didnt say tesco or makro... i said local market... very different bunch of beans

 

Underwater world Pattaya? Same as Thai price. Pink ID card..50/50 on Parks. I don't get the 10baht payment for hospitals, as I'm not Thai.. Military hospital cheap. Doctor's clinic, dentist, optometrist.. Same as Thai. 

Yes, I am accompanied by the wife at markets etc as my Thai is atrocious

I'm not lecturing, mate .. You say the Thais smirk as they say "farang".. I don't agree.. Not in my circles.

Don't care how long you've been here.. I'm 12 years and 25 more intermittently.. I know enough. 

 

I won't be wasting my time replying to you again. We're going to the market. 

 

Have a great day. 

 

[Pouatchee]

I am not nor ever will be your mate bub

[FritsSikkink]

3 hours ago, Pouatchee said:

even the lowest of thais still looks down on us as they say 'falang' with a smirk and then proceed to charge us double for our vegetables at the local market

You must be doing something wrong then, I don't have that problem.

[FritsSikkink]

2 hours ago, lahgon29 said:

Don't understand you, mate. I never get charged double at markets or anywhere else, and it's been 12 years here. My missus doesn't like people who rip off my/her money.. 

Thais don't seem to look down on me either.. Treat them with respect and humour and see what happens.. Mind you, I am in Issarn.. Friendlier people up this way, maybe. 

I have had the same in Phuket, Surat Thani and Bangkok while living there.

[MikeandDow]

3 hours ago, Pouatchee said:

 

how do they possibly think that indebting the country more will help?

 

--> nearly forgot... trillion is bigger than billion and the taxes on long term foreigners is supposed to bring in close to a trillion...

 

we will fund this spoof and still have no rights. even the lowest of thais still looks down on us as they say 'falang' with a smirk and then proceed to charge us double for our vegetables at the local market

What a bad attitude lots of Hate in this post and what has this got to do with the topic, you need to keep on topic

[brianthainess]

Oh please stop with the bickering ! Whether you get charged  more or not hardly effects the Thai economy nor the Government.

[lordgrinz]

There is no way the Digital Wallet will show any net positive results, except maybe vote buying for PT. In fact, I am quite positive it will do more damage than good to the country.

[MikeandDow]

22 minutes ago, lordgrinz said:

There is no way the Digital Wallet will show any net positive results, except maybe vote buying for PT. In fact, I am quite positive it will do more damage than good to the country.

Totally agree  what will happen when the Drug addict, alcoholics and gambles get there hands on it  is it going to help them ????

[bkknirvana]

Digital wallets are a trap. See China's social credit scoring for evidence.

[Rimmer]

baiting post removed

[huangnon]

1 hour ago, bkknirvana said:

Digital wallets are a trap. See China's social credit scoring for evidence.

 

Digital money and Central Bank Digital Currency means; negative interest rates, tax at source, zero privacy, social credit scores, debanking for perceived infractions, and everything 100% dependent on Govt power sources and internet. It is the opposite of personal wealth and financial freedom.

[MikeandDow]

23 minutes ago, huangnon said:

 

Digital money and Central Bank Digital Currency means; negative interest rates, tax at source, zero privacy, social credit scores, debanking for perceived infractions, and everything 100% dependent on Govt power sources and internet. It is the opposite of personal wealth and financial freedom.

You may be correct, But all Thais can see is 10000baht Thais have no foresight 

[Pouatchee]

23 hours ago, snoop1130 said:

The digital wallet programme aims to stimulate the economy. If such a stimulus is still not enough, we are ready to restructure the economy to become a digital one.”

 

what is this supposed to mean? 

 

 

[Pouatchee]

6 hours ago, FritsSikkink said:

I have had the same in Phuket, Surat Thani and Bangkok while living there.

 

you dont agree with me, fine... watch this to see what is possibly brewing. i just love people wearing rose tinted glasses

 

https://www.youtube.com/watch?v=lL0nMZY3D4A

 

should give you some insight about what the gvt thinks about us... let alone thais

[connda]

The serious inflation is going to start on her watch.  This legalized vote-buying is going to be highly inflationary. 

[GarryP]

5 hours ago, lordgrinz said:

There is no way the Digital Wallet will show any net positive results, except maybe vote buying for PT. In fact, I am quite positive it will do more damage than good to the country.

That's the intention. But perhaps they should have done it nearer to the next election. 

[Dan O]

22 hours ago, ikke1959 said:

They are so very wrong.. It will be a burden for many years  to pay back the loans and will cost investments.. They should push the same sex marriage bill to be signed asap as in all countries all over the world the economy has a lot of benefit of it. Many gays in Thailand are waiting to get marrried, which will stimulate the local businesses, as for dinners, shows, music, flowers, gifts, clothes, and many more... but it is still not signed and published for an unknown reason..  And after it is signed there is still a 4 month waiting so nothing  that can boost the economy can be done before June next year... And that is much cheaper than give everyone 10k

I'm in no way against gay marriage but fail to see any change in economics with or without a "marriage" bill approval. Gay couples are already dating, going out to dinner, socializing,  etc. Other than an actual ceremony and party, which is a one time event,  i cant see much other change or impact that would happen. Can you expand on that more to educate me/us on this issue?

[NoDisplayName]

 

Is that a mini-heart gesture? 🤞

 

Burn the witch!