PM marks 10 years of village fund

SAOWANEE NIMPANPAYUNGWONG

THE NATION

BANGKOK: -- Prime Minister Yingluck Shinawatra yesterday presided over an event marking the 10th anniversary of the Thailand Village and Urban Revolving Fund at Nonthaburi's Impact Muang Thong Thani, where it was announced that the fund had generated Bt160 billion so far.

Saying that she was proud of the scheme's success and its importance in strengthening communities, tackling poverty, offering off-system loans and promoting people's quality of life, Yingluck also announced that in the third phase the government was adding Bt1 million to each of the 21,624 qualified community funds. She said she hoped this would enable them to expand memberships and elevate them to become a bank that is run by a community.

Nathee Klipthong, director of the Thailand Village and Urban Revolving Fund Office, said the scheme's 79,255 funds nationwide covered 12,801,444 members and had generated Bt160 billion so far. Of the more than 12 million members, about 87 per cent have borrowed from the fund while others have been benefiting from saving with the scheme. Nathee said the funds had earned a total of Bt20 billion in savings.

He went on to say that 1,500 community funds had been elevated to the status of financial institution, and only 7 to 8 per cent of them had any problems.

Deputy PM and Finance Minister Kittiratt Na-Ranong, as chairman of the scheme, said that since then-PM Thaksin Shinawatra approved the scheme's funding on July 25, 2001, it has seen 79,255 funds come into existence and has continued to develop in several aspects, especially in creating jobs.

Preecha Chairak, deputy chief of Muang Yasothon's Tambon Na Sa Mai Administrative Organisation, said the fund helped farmers find new vocations like weaving containers for sticky rice between harvest seasons and that the fund had yielded Bt1 million in profits per year.

-- The Nation 2012-10-26

WOW totally suprised that there is any money left in it

In a number of villages around ours in Surin the fund has been referred to as the ''Pillage Fund'' as only certain members of the community i.e. village headman and family members seem to have been the only beneficiaries from the fund mainly due to their political allegiance..

Community banks as opposed to corporate crook banks, it is only semantics as to who benefits.

At least slightly more practical, than scams like the rice-program, since it gets more of the money down to village-level, rather than losing it along-the-way, now if only proper audit-systems could be added, and training given in making good-investments, then this might help the poor and make them less-dependent on government-handouts .... Oops, just spotted the problem, with that !

Look at me, I am so pretty

Have a camera and take my photo

Look at me I am so pretty

Our village of 500+ people has over 2M baht in the coffers. It has actually helped quite a bit.

It's a circle of money. It will have to be paid back sometime.