PM Prayut vows to get rid of underground debt problem

[webfact]

PM vows to get rid of underground debt problem

 

 

BANGKOK: -- Prime Minister Prayut Chan-ocha on Wednesday formally launched a comprehensive programme to tackle underground debt problem.

 

He also gave licenses to six companies to operate pico-finance to provide alternative lending service to low income-earners.

 

The six pico-finance companies are expected to commence their lending business immediately in Bangkok, Buri Ram, Trang, Yasothorn, Phichit and Kamphaeng Phet.

 

In his speech at the launch of pico-finance service, the prime minister urged underground lenders to enter into legal business by opening pico-finance operations, warning that they will face stiff legal actions if they continue their underground lending service by charging exorbitant interest rates.

 

The prime minister said he was well aware that almost everyone had a debt, recalling the days when he served in military service every of his subordinates was indebted with the exception of those who had inherited huge fortunes from their parents.

 

Full story: http://englishnews.thaipbs.or.th/pm-vows-get-rid-underground-debt-problem/

 

-- © Copyright Thai PBS 2017-03-02

[BigBadGeordie]

And the following day he will bring about world peace and an end to hunger.

[Get Real]

A step in the right direction. That way they can be licensed and controlled by the government and finacial department. As it usually has been in other countries for many years.

[rkidlad]

Ooh, nice. Will they make it into a 'back to the floor style' documentary. Him working along loan sharks at a low level seeing how their lives are. 

 

Cheques and balances. Without them you have zero foundation in a house made of cards. 

[Get Real]

28 minutes ago, BigBadGeordie said:

And the following day he will bring about world peace and an end to hunger.

No, he won´t. He just make a lot of changes for the better, that no one dared to do before. Give the man som credit.

[rkidlad]

1 minute ago, Get Real said:

No, he won´t. He just make a lot of changes for the better, that no one dared to do before. Give the man som credit.

Dear lord above us. Please give me some of what you're having. 

[colinneil]

6 minutes ago, Get Real said:

No, he won´t. He just make a lot of changes for the better, that no one dared to do before. Give the man som credit.

Whatever your on, i want some, wake up this is the real world we live in.

Not the PMs dream world.

Another brain dead scheme which will go nowhere.

 

[rodney earl]

Sounds like more money for the banks when they charge 20% interest on unsecured loans.

[tagalong]

To all you knockers.... My grandmother used to say....If u av nothing nice to say about someone...Keep your mouth shut.......

 

U will all know that ALL political parties in the past did NOTHING, absolutely NOTHING  about corruption or land encroachment...

Why?.... Because they  were corrupt themselves........

 

The P M has  a bastard of a job in trying to clean-up this corruption.....SO, give him credit instead of knocking him like a lot of u do....

 

 

[Get Real]

34 minutes ago, rkidlad said:

Dear lord above us. Please give me some of what you're having. 

 

26 minutes ago, colinneil said:

Whatever your on, i want some, wake up this is the real world we live in.

Not the PMs dream world.

Another brain dead scheme which will go nowhere.

 

It´s always great that so many persons always need to be negative to everything. Even if there is efforts made to change things, it´s going to take time.
Ask yourselfs. Private loan sharks with huge interest, or private companies controlled by laws, rules and regulations.
Don´t have to be on anything to know that answer. Just a small bit of the human intelligence that normally follows from birth.

[clockman]

Every village has an underground lottery, and loan sharks. Good luck with that?

[webfact]

PM wants pico-finance operators nationwide
By THE NATION

 

BANGKOK: -- PRIME MINISTER Prayut Chan-o-cha has urged the establishment of so-called pico-finance operations nationwide to offer low-income people an alternative to resorting to loan sharks, while setting a deadline to eliminate 200,000 informal lenders within two years.

 

Pico-finance is similar to the better-known microfinance system but provides smaller loans needed primarily by households and individuals.

 

Giving a speech on “Comprehensive Solutions to Underground Debt Problems with Sustainability” at an event held by the Finance Ministry and other related units yesterday, Prayut stressed that the government wanted to have pico-finance operators in every province to allow people to gain access to capital in a system with fair lending rates.

 

Full story: http://www.nationmultimedia.com/news/business/EconomyAndTourism/30307678

 

-- © Copyright The Nation 2017-03-02

[mikebell]

But I thought Thais always consider loans as gifts that never need paying back unless threatened with a gun.

[rkidlad]

36 minutes ago, Get Real said:

 

It´s always great that so many persons always need to be negative to everything. Even if there is efforts made to change things, it´s going to take time.
Ask yourselfs. Private loan sharks with huge interest, or private companies controlled by laws, rules and regulations.
Don´t have to be on anything to know that answer. Just a small bit of the human intelligence that normally follows from birth.

Positivity is great. But it's actions that change things. Positivity without action is  not positivity. It's delusion. 

[Eric Loh]

You only give credit if the idea is original and successful. Pico financing and rural micro financing have been introduced by all previous governments and none gained any traction. His idea is just another motherhood statement at a seminar on underground debt solution.

[Get Real]

23 minutes ago, rkidlad said:

Positivity is great. But it's actions that change things. Positivity without action is  not positivity. It's delusion. 

Sure it is. You are right in your statment. Unfortunately there are people already saying that it´s no good, when it´s not put into place.
I know a lot of things never get of the ground in Thailand, but the one that can´t se that more and more are changing during this military regime are blindfolded.
Therefore it´s better to give them a fair chance before striking down on something that you ain´t have a clue about yet.

[Srikcir]

6 hours ago, webfact said:

formally launched a comprehensive programme to tackle underground debt problem.

Which he did in June 2016: Prime Minster to Use Section 44 to Regulate Loan Sharking

http://www.thaivisa.com/forum/topic/923363-pm-prayut-to-use-section-44-to-regulate-loan-sharking/

Bypassing the Prayut-appointed and rubber-stamp NLA, Prayut avoids having a legal review for his regulations other than absolute powers granted to himself. A fine example of how to control the illegal loan sharking. 

[colinneil]

2 hours ago, tagalong said:

To all you knockers.... My grandmother used to say....If u av nothing nice to say about someone...Keep your mouth shut.......

 

U will all know that ALL political parties in the past did NOTHING, absolutely NOTHING  about corruption or land encroachment...

Why?.... Because they  were corrupt themselves........

 

The P M has  a bastard of a job in trying to clean-up this corruption.....SO, give him credit instead of knocking him like a lot of u do....

 

 

 

You say the PM has  a BAS...D JOB, SO WHAT, it is a job he stole.

[timewilltell]

Prayut needs to tell the judges since they repeatedly give money lenders with clever lawyers and even nit so clever lawyers the benefit of the doubt. Many bigger money lenders use KAI Fahk or sale with right of redemption on property to mask money laundering, fraud and theft. This works as someone not entitled to sell (existing contract with another person, property obtained by fraud etc.) Goes to a money lender who buys at 30% of value with huge redemption penalty making redemption impossible and huge monthly interest. The seller doesn't care as they have either already received money for the sale to another under another installment scheme or never owned the place in the first place. At court the money lender who of course knows [email protected] says he didn't know and the court believes him. Often accompanied by threats to force out rightful occupants which the police will never follow up and he courts regularly dismiss the threats as never having happened despite actions showing the likelihood. If course these criminals know how to threaten with no possible evidence showing - no witnesses and no paperwork involved in hiring a few thugs to intimidate and even easier if children can be threatened  

 

While the courts keep letting yhe se slime bags off nothing will happen- Thailand needs to seriously update it's laws and en sure principles of justice are drummed in 

[elgordo38]

2 hours ago, Get Real said:

Sure it is. You are right in your statment. Unfortunately there are people already saying that it´s no good, when it´s not put into place.
I know a lot of things never get of the ground in Thailand, but the one that can´t se that more and more are changing during this military regime are blindfolded.
Therefore it´s better to give them a fair chance before striking down on something that you ain´t have a clue about yet.

Would 4 years be a fair chance hmm maybe 40. We will find out if we can hang on another 40 years. The way the "new" power election structure is structured its another 40 years of the same only in another guise. 

[Brer Fox]

4 hours ago, rkidlad said:

Positivity is great. But it's actions that change things. Positivity without action is  not positivity. It's delusion. 

This initiative by military General PM Prayuth follows the same tedious pattern. Bark out the orders to subordinates and retreat to the Officer's Mess to celebrate a glorious victory. All the time knowing his troops will baulk at going into battle.

[elgordo38]

12 minutes ago, Brer Fox said:

This initiative by military General PM Prayuth follows the same tedious pattern. Bark out the orders to subordinates and retreat to the Officer's Mess to celebrate a glorious victory. All the time knowing his troops will baulk at going into battle.

Your right Brer and history bears you out. Generals to the rear before the real fighting starts. To valuable to loose ha ha ha. 

[hotchilli]

8 hours ago, Get Real said:

A step in the right direction. That way they can be licensed and controlled by the government and finacial department. As it usually has been in other countries for many years.

Government or government controlled entities that now lend money are just "above ground sharks", licensed to rip-off low income earners with huge rates of interest or compound interest that mounts up!

[Get Real]

16 minutes ago, hotchilli said:

Government or government controlled entities that now lend money are just "above ground sharks", licensed to rip-off low income earners with huge rates of interest or compound interest that mounts up!

As I know already. Everything wrong, off course. Whatever they try to do, it´s just some people that always have to complain.

[Grubster]

13 hours ago, Get Real said:

No, he won´t. He just make a lot of changes for the better, that no one dared to do before. Give the man som credit.

So now they will all be legit loan companies, charging only the allowed amount of interest, with no strong arming for payment.  Will they loan the money to the ones who cannot get a legit loan now?  No   Why?   Because they won't get paid back.    So where will this high risk borrower go, Underground of course. This guy can talk the talk lets see if he can walk the walk.  Good luck on this effort.

[Grubster]

5 hours ago, Get Real said:

As I know already. Everything wrong, off course. Whatever they try to do, it´s just some people that always have to complain.

I think many of us like what he says, its the fact that it never seems to happen that is the problem.  When the Ferrari Red Bull driver is arrested and brought to trial, I will believe that this guy is even remotely interested in fixing corruption.

[Get Real]

5 hours ago, Grubster said:

So now they will all be legit loan companies, charging only the allowed amount of interest, with no strong arming for payment.  Will they loan the money to the ones who cannot get a legit loan now?  No   Why?   Because they won't get paid back.    So where will this high risk borrower go, Underground of course. This guy can talk the talk lets see if he can walk the walk.  Good luck on this effort.

Yeah! That´s a fair way to look at it. If that is the case, then everything will be for nothing. Me on the other hand was thinking about a system like the ones they have, or had, once before at the same time the people waited for rice to get finished. There they could borrow a certain amount and later pay it back. I don´t know how he is thinking, but if the new system is something like that, it will be a useful one. If it is like you state as a possibility, then it will just gain a few.