BAAC says it can pay Thai rice farmers only till end of this month

[webfact]

BAAC says it can pay farmers only till end of this month



BANGKOK: -- The Bank for Agriculture and Agricultural Cooperatives (BAAC) today came out for the first time to dismiss deputy commerce minister’s claim that the bank still have enough money to pay farmers selling rice to government under the 2013/2014 crop year.

It said such claim will merely confuse farmers as in fact the bank now has only 12 billion baht cash which can afford farmers just till end of this month.

The bank’s defense came from its union leader Prasit Tahome after Deputy Commerce Minister Yanyong Puangrat said recently that the bank still has 60 billion baht to support the rice-pledging scheme under the 2013/2014 crop year.

The BAAC union leader said that the minister’s claim of sufficient money to pay farmers is just a future money which the ministry was expected to obtain from the selling of rice in the government’s stockpiles, and partly is from unpaid sum which the government owed to the bank from the previous pledging scheme and was not involved with the money which it has to buy rice from farmers for the 2013/2014 crop year.

His claim of the remaining 60 billion baht to pay farmers has caused confusion among the farmers, he said.

The union president also revealed that BAAC has so far paid 688.092 billion baht to farmers selling rice to farmers for the 2011/2012 and 2013/2014 crop years. But the bank was paid 189.14 billion baht ;by the government.

He said that as the Cabinet has earlier set the budget limit under the pledging scheme at 500 billion baht, therefore the bank has merely the remainder of 1.048 billion baht for new payment, plus 26.8 billion baht agreed with the Bureau of Budget for use, or a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said.

He said further that the BBAC has the duty to pay farmers joining the rice pledging scheme but has no authority to ask for unpaid money from the ministry.

He recalled that the bank has tried to control the spending under the pledging scheme within its 500 billion baht limit, breaking down to 410 billion baht from the government, and 90 billion baht from the bank’s cash reserves.

A total of 16.5 million tons of rice at the cost of 270 billion baht were sold to government under the scheme.

Therefore the bank needed to administer the budget for the 2013/2014 crop year not to exceed its limit, and also to monitor the selling of rice from government stockpiles so as to enable the bank to pay farmers joining the new round of pledging scheme because the government has not yet allocate additional fund for the bank.

This was also served as a signal from the Finance Ministry to the Commerce Ministry to speed up the releasing of rice in its stockpiles, instead of extending the limit or looking for new sources of fund to support the scheme, he said.

But the union leader assured that the bank will take care of farmers who have not yet received money from their rice sold under the scheme by spending the remaining fund to pay them to relieve their trouble and also advised farmers to hold their rice vouchers until they are paid.

Earlier Deputy Commerce Minister Yanyong assured representatives of farmers associations that the government has sufficient money to pay farmers joining the scheme, claiming that the Cabinet has approved a working capital of 270 billion baht for the bank to spend under the 2013/2014 crop year. The minister also blamed the bank for giving information that had confused farmers and causing them unhappy after learning that the government has no money to pay.

Source: http://englishnews.thaipbs.or.th/baac-says-can-pay-farmers-till-end-month/


-- Thai PBS 2013-12-18

[TVGerry]

This is what the 'democratic' government has done to this country. Don't even have money to pay the rice farmers anymore and still want to continue with this stupid and corrupt rice scheme? How much is this going to cost the evil, ammart, middle class, royalist, hiso Bangkok people in terms of tax money?

[khwaibah]

"But the union leader assured that the bank will take care of farmers who have not yet received money from their rice sold under the scheme by spending the remaining fund to pay them to relieve their trouble and also advised farmers to hold their rice vouchers until they are paid." They don't have much choice but to hold the worthless vouchers as you have already stolen their rice and now their money. 6 weeks and counting..

[Nickymaster]

BAAC union proposes end to rice scheme

December 18, 2013 2:10 pm

Bank for Agriculture and Agricultural Cooperatives' labour union Wednesday hosted a press conference, saying the bank now has only Bt12 billion cash to cover the rice-pledging scheme.

The union said that the amount would be sufficient to cover the pledging until the end of this month.

It also urged for the abolition of the scheme and proposed rice mortgages. Some farmers may be enlisted for rice pledging. It said that this would lower the rice price, to be more in line with market prices.

Well done PT government. Just use some more taxpayers' money to continue this scam. Surely none of the PT friendly traders are having liquidity problems.

Edited December 18, 2013 by Nickymaster

[theslime]

My brother inlaw is the head of credit for one of this Bank,s provincial head quarters , and when I asked him about the rice scheme his reply as in most things is, no ploblem,hee hee hee.

[bubblegum]

"He said that as the Cabinet has earlier set the budget limit under the pledging scheme at 500 billion baht, therefore the bank has merely the remainder of 1.048 billion baht for new payment, plus 26.8 billion baht agreed with the Bureau of Budget for use, or a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said."

Correct me if I'm wrong bur roughly 15 BILLION is gone ??????

[MaxLee]

Dear Rice Farmers, come to Bangkok ONLY Bangkok and kindly ask, "where is my FREAKING SHARE????"

[GentlemanJim]

Why the Dems would want to take over right now is beyond me. You don't jump on a sinking ship, you lose everything, the winners are those that can jump off the sinking ship. The Dems are currently giving PTP an excellent life raft, and they will suddenly be 'responsible' for all the missing cash. I can just imagine red radio and TV in 6 months if the Dems win saying, the money was there honest, and now the Dems are in and it's all gone missing! Caveat Emptor!

[Spare]

"BAAC has the duty to pay farmers joining the rice pledging scheme but has no authority to ask for unpaid money from the ministry."

Well done.

[Nibbles48]

"He said that as the Cabinet has earlier set the budget limit under the pledging scheme at 500 billion baht, therefore the bank has merely the remainder of 1.048 billion baht for new payment, plus 26.8 billion baht agreed with the Bureau of Budget for use, or a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said."

Correct me if I'm wrong bur roughly 15 BILLION is gone ??????

Yes... It is called 'siphoning'.

[rreddin]

BAAC union proposes end to rice scheme

December 18, 2013 2:10 pm

Bank for Agriculture and Agricultural Cooperatives' labour union Wednesday hosted a press conference, saying the bank now has only Bt12 billion cash to cover the rice-pledging scheme.

The union said that the amount would be sufficient to cover the pledging until the end of this month.

It also urged for the abolition of the scheme and proposed rice mortgages. Some farmers may be enlisted for rice pledging. It said that this would lower the rice price, to be more in line with market prices.

Well done PT government. Just use some more taxpayers' money to continue this scam. Surely none of the PT friendly traders are having liquidity problems.

Since when did a union leader make official statements on behalf of a bank? They do not. See it for what it is or do you suffer from scotoma? Let us wait and see what, if anything, an official bank spokesperson has to say.

[Nibbles48]

Why the Dems would want to take over right now is beyond me. You don't jump on a sinking ship, you lose everything, the winners are those that can jump off the sinking ship. The Dems are currently giving PTP an excellent life raft, and they will suddenly be 'responsible' for all the missing cash. I can just imagine red radio and TV in 6 months if the Dems win saying, the money was there honest, and now the Dems are in and it's all gone missing! Caveat Emptor!

I am sure that the Dems are clever enough to have this in the front of their minds.

The first job they will do is get a hold of all the bank records and do a full number crunch and make it public. They will suspend the scam, they won't continue it.

If they can delay the elections, the ship will sink, trust me on that. This could be an open door for them, once the farmers start blocking the roads... Thaksin may even allow Yingluck to resign.

[MMarlow]

This is what the 'democratic' government has done to this country. Don't even have money to pay the rice farmers anymore and still want to continue with this stupid and corrupt rice scheme? How much is this going to cost the evil, ammart, middle class, royalist, hiso Bangkok people in terms of tax money?

The middle class, hi-sos? Sod them, what about some sympathy for the farmers who won't get paid.

[Nibbles48]

This is what the 'democratic' government has done to this country. Don't even have money to pay the rice farmers anymore and still want to continue with this stupid and corrupt rice scheme? How much is this going to cost the evil, ammart, middle class, royalist, hiso Bangkok people in terms of tax money?

The middle class, hi-sos? Sod them, what about some sympathy for the farmers who won't get paid.

Sod them.

It's about time they woke up to the BS Thaksin populist policies that THEY voted for.

You make your bed, you have to lie in it!

Edited December 18, 2013 by Nibbles48

[DLock]

Timing could probably not be worse for the election.

"Somchai, load up the truck with people...we got some roads to block".

[Robby nz]

The bank it would appear has spent the total of the 500 billion paying farmers for the last 2 seasons crops and now has very little left.

However :

claiming that the Cabinet has approved a working capital of 270 billion baht for the bank to spend under the 2013/2014 crop year.

Is that 270 billion on top of the 500 billion the bank has already spent ?

That would seem quite plausible as the bank has done (lost) the 500 billion in 2 years.

If so then that will raise the total spend to 770 billion.

Less any rice the Govt can sell, something they are not having a lot of luck doing at the moment.

[MobileContent]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

[Spare]

A particular BAAC board member needs to be investigated for his unusual wealth and behavior.

That board member had been singled out by PAD to be working for Thaksin (not just in BAAC, but he is in other govt role as well).

I don't want to name name. You people google it out.

[Nibbles48]

The bank it would appear has spent the total of the 500 billion paying farmers for the last 2 seasons crops and now has very little left.

However :

claiming that the Cabinet has approved a working capital of 270 billion baht for the bank to spend under the 2013/2014 crop year.

Is that 270 billion on top of the 500 billion the bank has already spent ?

That would seem quite plausible as the bank has done (lost) the 500 billion in 2 years.

If so then that will raise the total spend to 770 billion.

Less any rice the Govt can sell, something they are not having a lot of luck doing at the moment.

That is on top of the 500 Bn, but it also stated that they lose a huge amount in graft and corruption payoffs expenses. So out of that 270 Bn, I wouldn't expect the farmers to see 200 Bn of that, and it also raises the question of how much has been siphoned off in graft and corruption payoffs expenses from that 688 Bn already gone through the scam.

These are the numbers PTP has been hiding for the past few months. I hope the Dems get in and unearth it, and we can expect it to be 'standing room only' in Dubai in the following months.

[Nickymaster]

BAAC union proposes end to rice scheme

December 18, 2013 2:10 pm

Bank for Agriculture and Agricultural Cooperatives' labour union Wednesday hosted a press conference, saying the bank now has only Bt12 billion cash to cover the rice-pledging scheme.

The union said that the amount would be sufficient to cover the pledging until the end of this month.

It also urged for the abolition of the scheme and proposed rice mortgages. Some farmers may be enlisted for rice pledging. It said that this would lower the rice price, to be more in line with market prices.

Well done PT government. Just use some more taxpayers' money to continue this scam. Surely none of the PT friendly traders are having liquidity problems.

Since when did a union leader make official statements on behalf of a bank? They do not. See it for what it is or do you suffer from scotoma? Let us wait and see what, if anything, an official bank spokesperson has to say.

The Union is afraid the bank might go bust, therefor their statement.

[Nibbles48]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Come off it.... Even the PTP ministers are admitting that thousands of farmers still have not been paid, so who is making it up? The media?

The farmers won't hit Bangkok while they are torn between the other protests, and having to show support for the government who are bending them over anyway and giving them a rough reaming out without lubes.

[englishoak]

Won't be any bankruptcy. No problem just print more baht like all the other govs around the world do when in the s**t

[MobileContent]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Come off it.... Even the PTP ministers are admitting that thousands of farmers still have not been paid, so who is making it up? The media?

The farmers won't hit Bangkok while they are torn between the other protests, and having to show support for the government who are bending them over anyway and giving them a rough reaming out without lubes.

Any link to the minister statement?

[Mampara]

This is what the 'democratic' government has done to this country. Don't even have money to pay the rice farmers anymore and still want to continue with this stupid and corrupt rice scheme? How much is this going to cost the evil, ammart, middle class, royalist, hiso Bangkok people in terms of tax money?

What about selling the wall clocks, cars, and properties belonging to the government and ministers, as well as scraping the huge bonus that they will get at year end first and then use the money to at least pay some of the money owed to them?

[Farma]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Suggest you get out and about a bit more. I know of plenty who are waiting including many close family members along with most villages in their area. That rice was sold late november/early december and they're still waiting for the money.

[Nickymaster]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Come off it.... Even the PTP ministers are admitting that thousands of farmers still have not been paid, so who is making it up? The media?

The farmers won't hit Bangkok while they are torn between the other protests, and having to show support for the government who are bending them over anyway and giving them a rough reaming out without lubes.

Any link to the minister statement?

The caretaker minister admitted delays in payment to farmers who sold rice under the pledging program, reasoning that rice stocks from previous harvest were slowly released to the market. He promised that all farmers will be paid.

http://www.thaivisa.com/forum/topic/688349-thai-rice-pledging-scheme-to-go-ahead/

Edited December 18, 2013 by Nickymaster

[PeterSmiles]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Come off it.... Even the PTP ministers are admitting that thousands of farmers still have not been paid, so who is making it up? The media?

The farmers won't hit Bangkok while they are torn between the other protests, and having to show support for the government who are bending them over anyway and giving them a rough reaming out without lubes.

Any link to the minister statement?

How about this one

http://www.thaivisa.com/forum/topic/688151-thai-farmers-to-blockade-roads-over-unpaid-rice/?hl=%20block%20%20roads

Thai farmers to blockade roads over unpaid rice

Seems you got lots of egg content on your face now.

Edited December 18, 2013 by PeterSmiles

[edwinchester]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Couple of farmers in our village have been waiting 6 weeks with no payment. They are very unhappy. The farmer who rents my wifes paddy was told two weeks ago he will be waiting at least one month for payment. Where we live, Kanchanaburi, payments have never been delayed this long.

Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app

[harrry]

My family leases their land to a farmer for a share of the crop. This time the farmer was supposed to recieve the money from the scheme. He had to sell the rice privately though and recieved less. My family has a lot less for food and school fees than it would have had. I think it was a smart move by the government to stop paying. Now it has to buy less. Not good for the farmers though.

[pedro01]

Why the Dems would want to take over right now is beyond me. You don't jump on a sinking ship, you lose everything, the winners are those that can jump off the sinking ship. The Dems are currently giving PTP an excellent life raft, and they will suddenly be 'responsible' for all the missing cash. I can just imagine red radio and TV in 6 months if the Dems win saying, the money was there honest, and now the Dems are in and it's all gone missing! Caveat Emptor!

I am sure that the Dems are clever enough to have this in the front of their minds.

The first job they will do is get a hold of all the bank records and do a full number crunch and make it public. They will suspend the scam, they won't continue it.

If they can delay the elections, the ship will sink, trust me on that. This could be an open door for them, once the farmers start blocking the roads... Thaksin may even allow Yingluck to resign.

There is very little evidence that the Democrats have the smarts you are talking about.

If the Dems delay the election, PTP will claim that in their caretaker capacity, they are not able to authorize new amounts.

All signs point to the Dems being very short sighted.