Thai farmers to get back their mortgaged lands

[webfact]

Farmers to get back their mortgaged lands



BANGKOK: -- Farmers who have mortgaged their farmlands and lost to creditors after defaulting loan payments will now see some light to have their property returned after the government endorsed a plan to help poor farmers.

At the meeting of the cabinet chaired by Prime Minister Gen Prayut Chan-o-cha, it agreed to allow the Land Bank Administration Institute (Public Organization) to manage a 690 million baht budget to buy back land that have been seized from farmers who have forfeited on their mortgages.

These lands will be handed back to their original owners under the provision that they pay rents and be given the right to buy back the property in future should they choose.

Around 250 farmers from Lampun and Chiang Mai provinces have accordingly been selected for the pilot project.

The official opinion is that when the proposed Banking and Property Reform Bill comes in use, solving the longstanding problem of agricultural sector debt will become even more effective.

Meanwhile Bank of Agriculture and Cooperatives president Mr Luck Wajananawat revealed that the cabinet has also endorsed a plan to provide insurance for agricultural produce for the 2016/2017 production year.

Under the plan, an insurance premium of 100 baht will be paid for each rai of farm land.

Farmers however will not be required to pay this as the Bank of Agriculture and Cooperatives will shoulder every 40 Baht while the government will take up the remaining 60 baht, he added.

Source: http://englishnews.thaipbs.or.th/169668-2/


-- Thai PBS 2016-06-22

[mike324]

A good scheme, i wonder why the government can't regulate/subsidize the prices of farming supplies to help farmers as well.

[Brer Fox]

PM vows to fix Bangkok's flooding problem. Bangkok votes secured, tick that box.

PM to give back land to farmers. Farmers votes secured, tick that box.

[johng]

Obviously these are not money losing populist schemes or someone might end up before a judge in court.

[waldroj]

This sounds like a great initiative for a few farmers (from those who have mortgaged their farmlands and lost to creditors after defaulting loan payments).

But, who are the creditors, and are they even willing to return the forfeited farmlands?

One has to suspect that, if these creditors are not government institutions, they would have no obligation to return the lands unless they are either forced to be the junta, or they are adequately compensated for their troubles (in which case, 690 million baht may not go very far, and few farmers will benefit).

Alternatively, the potential is there for profit taking by private creditors!

Either way, I believe that this article does not adequately address this issue.

[Winniedapu]

Not populism though, not trying to buy votes. Oh no. Definitely not. Not like that filthy Thaksin did. Nossir.

Winnie

[SOUTHERNSTAR]

PM vows to fix Bangkok's flooding problem. Bangkok votes secured, tick that box.

PM to give back land to farmers. Farmers votes secured, tick that box.

Read the fine print, this land will be rented by the farmers until they buy it back. They will not get it back as a present, that will have to wait for next years election.

[ratcatcher]

Not populism though, not trying to buy votes. Oh no. Definitely not. Not like that filthy Thaksin did. Nossir.

Winnie

But, but....but Thaksin.............

[HerbalEd]

PM vows to fix Bangkok's flooding problem. Bangkok votes secured, tick that box.

PM to give back land to farmers. Farmers votes secured, tick that box.

What vote? When? You have to have elections to have people vote.

[tomyummer]

Seems like another scheme for non-farmers to get their hands on cheap farm land by guaranteeing farmers who don't want in on the new rental and future purchase plan. I bet the loan sharks will volunteer to pay the insurance premiums for the farmers.

[Winniedapu]

Not populism though, not trying to buy votes. Oh no. Definitely not. Not like that filthy Thaksin did. Nossir.

Winnie

But, but....but Thaksin.............

Indeed.

I R O N Y

W