Search Results for: loan bill
- Thailand News
Thailand’s digital wallet loan bill yet to reach Council of State
Deputy Prime Minister Phumtham Wechayachai announced yesterday that a proposed bill, which aims to secure a loan of 500 billion baht for the digital wallet scheme, has not been presented to the Council of State yet. The revelation came after the digital wallet policy committee meeting, where numerous issues were discussed. Despite the Council of State’s readiness to scrutinise the…
- Thailand News
Phuket Gazette Thailand News: Six dead in elephant crash; Bt2-tn loan bill rejected; Rate cut brings little joy
PHUKET MEDIA WATCH – Thailand news compiled by Gazette editors for Phuket’s international community Six people and an elephant killed in accidents The Nation / Phuket Gazette PHUKET: A total of six people and an elephant were killed yesterday when a Pajero crashed into three wild elephants crossing Ban Beung-Klaeng Road at 4am yesterday in Rayong’s Wang Chan district. One…
- Business News
Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
- Business News
Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
- Thailand News
Thailand’s Student Loan Fund tackles 100 billion baht in bad debts
The Student Loan Fund (SLF) in Thailand has accumulated bad debts amounting to 100 billion baht (US$2,816,902,000). This is a significant increase from 2017 when the total non-performing loans stood at 60 billion baht. The SLF’s manager, Chainarong Katchapanan, attributes this surge to borrowers prioritising other repayments, such as credit card debt and mortgages, over their student loans. The SLF…
- Thailand News
Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
- Bangkok News
Cash-strapped BMTA gets green light for 7.5 billion baht loan
The Thai Cabinet approved a more than 7.5 billion baht loan to the debt-ridden Bangkok Mass Transit Authority. Deputy Government Spokesperson, Trisuree Trisaranakul, yesterday reported that the cash-strapped BMTA would borrow 7.516 billion baht from the next year’s budget because it lacked financial liquidity. Trisuree added that BMTA has been facing cash-flow problems due to operational losses and lack of…
- Politics News
Former Finance Minister petitions to revoke approval of government’s 700 billion baht loan
A former politician, who served as Finance Minister from 2011 to 2012, is petitioning the Supreme Administrative Court to revoke approval for the government’s 700 billion baht loan. Cabinet recently approved an executive decree that allows the government to borrow the funds, in order to restore Thailand’s decimated economy and combat the Covid-19 crisis. Thirachai Phuvanatnaranubala says he doesn’t object…
- Business News
Stark Corporation scandal costs 14.7 billion baht
Shareholders and stock investors of Stark Corporation are reeling from an accounting and embezzlement scandal that has incurred damages estimated at a staggering 14.7 billion baht. This debacle has impacted 4,704 shareholders and led to the prosecution of the former chairman and several top executives in what is deemed one of Thailand’s largest corporate frauds in recent years. Adding to…
- Thailand News
House approves 122 billion baht digital wallet scheme budget
The House of Representatives approved a supplementary bill to increase the budget for the current fiscal year by 122 billion baht, in a vote held late yesterday. This additional funding aims to partially finance the government’s digital wallet handout scheme. A total of 297 MPs voted in favour of the bill, while 164 opposed it, with no abstentions recorded. Among…
- Business News
Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
- Thailand News
Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
- Thailand News
Thai Cabinet approves 55 billion baht lifeline for SMEs and tourism
The Thai Cabinet approved a low-interest loan programme worth 5 billion baht and a substantial 50 billion baht credit guarantee fund under the Ignite Thailand vision, aimed at bolstering small and medium-sized enterprises (SMEs). Deputy Finance Minister Paopoom Rojanasakul detailed the plan, highlighting that the low-interest loans would target tourism, wellness and medical, and agriculture and food sectors. Each borrower…
- Business News
Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
- Thailand News
Thai government cracks down on illegal loans
Illegal lenders have been given a final ultimatum: Register with the Thai government’s debt settlement programme by May 31 or face severe consequences. Deputy Interior Minister Chada Thaised announced this stern warning yesterday, emphasising that this crackdown on illicit lending is a top priority for Prime Minister Srettha Thavisin’s administration. Despite the Interior Ministry’s success in bringing over 100,000 illegal…
- Business News
Home loan difficulties lead to six-year low in housing transfers
Difficulties in securing home loans have led to a significant decline in housing transfers across the country in the first quarter, reaching the lowest level in six years and marking the fifth consecutive quarter of decline. The Acting Director-General of the Real Estate Information Center (REIC) Vichai Viratkapan reported that residential demand nationwide contracted in the first quarter, with housing…
- Business News
KBank restricts digital personal loans to refine business model
Kasikornbank (KBank), known for its leading mobile banking services, has strategically slowed down its digital personal loan operations. The move aims to refine its business model and enhance the quality of its loan products, according to its Chief Executive Kattiya Indaravijaya. Kattiya revealed that there is no specific timeline for the completion of the business model improvement. However, she assured that…
- Business News
Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
- Thailand News
Thailand’s major airports plan US$4.8 billion capacity doubling
Two of Thailand’s main airports, Suvarnabhumi and Don Mueang, are set to undergo significant expansions. The Airports of Thailand (AOT) Public Company Limited intends to invest approximately US$4.8 billion to more than double the airports’ capacity by the end of the decade. The expansion aims to accommodate a predicted surge in tourism as the world recovers from the coronavirus pandemic.…
- Business News
Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Thailand News
Fraud frenzy: Thai police reveal Internet scam’s billion-baht blow
Online consumer fraud, the leading Internet scam, has resulted in damages exceeding 1 billion baht in the initial quarter of the year, as disclosed by the Royal Thai Police (RTP). Karom Polpornklang, the deputy government spokesperson, stated that on the RTP website, some 26,507 online fraud instances were reported. The total damage was calculated to be 4.65 billion baht, averaging…
- Business News
Krungsri Bank targets 2-3% growth in SME loans in 2024
Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…
- Business News
Shocking surge: Thailand market sparks rise in EV loans
The Thai market is seeing a rise in loans for electric vehicles (EVs), as they are projected to lead the expansion in auto lending this year. Krungsri Auto, a prominent auto loan provider and a Bank of Ayudhya (Krungsri) unit, has projected new EV sales to climb to 100,000 units this year, a significant increase from 76,000 units the previous…
- Business News
BAAC to back 50,000 tech-savvy farmers with 55 billion baht
The Bank for Agriculture and Agricultural Cooperatives (BAAC), a state-owned entity, outlined an ambitious plan to foster a new breed of technologically adept farmers. The bank intends to support 50,000 young, smart farmers over the next five years, offering low-interest loans that total 55 billion baht (US$1.5 billion). BAAC president, Chatchai Sirilai, announced the project’s key objective following a memorandum…
- Business News
Thai govt’s cash splash: 500 billion baht digital wallet green light
With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the…
- Thailand News
Thailand to launch 50 billion baht SME support scheme
Thailand’s Ministry of Finance is set to endorse a new credit guarantee scheme, known as PGS 11, with a funding pool of 50 billion baht (US$1.4 billion baht). This initiative, revealed by Radaklao Intawong Suwankiri, the Deputy Government Spokesperson, is designed to bolster small and medium enterprises (SMEs) in three key industries. Radaklao announced today that Krissada Chinavicharana, the Deputy…
- Business News
Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
- Thailand News
Over 147,000 sign up for debt relief programme worth billions
Some 147,714 individuals have registered for the Interior Ministry’s debt relief programme within the past three months, an initiative aimed at combating a staggering debt value of 10.74 billion baht, confirmed Permanent Secretary Suttipong Juljarern on Monday. With the registration window, which started on December 1, set to close tomorrow, Suttipong urged those grappling with debt woes to expedite their…
- Business News
Thai banking industry faces hurdles amid high auto loan rejections
Last year’s robust profits from the Thai banking industry stirred debates, as critics pointed to excessively high interest rates. The sector witnessed a 17.8% surge in net interest income (NII) to 727 billion baht (US$20.2 billion) in 2023, up from 617 billion in 2022. The five biggest banks by assets contributed significantly to this rise with an increased net interest…
