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Coronavirus (Covid-19)

Thai banks report they can handle the impacts of the virus

Anukul

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Thai banks report they can handle the impacts of the virus | The Thaiger
PHOTO: Bloomberg.com
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As the Covid-19 coronavirus continues to spread in Thailand, authorities have temporarily shut off shopping malls, entertainment and sporting venues while allowing food stalls and restaurants to open, but only for take-out and delivery services. The measures have led to social disruption, unemployment, leave without pay and salary cuts.

However, a senior official at the Bank of Thailand reports, “Thailand’s banking sector is strong enough to defend against a potential upsurge in bad debt as well as debt restructuring cases stemming from the ongoing Coronavirus outbreak and official measures to contain the spread.”

Senior director for the economic and policy department Don Nakornthab says that banks have a sufficient capital buffer in the event of higher past-due payments and debt restructuring. Unlike the 1997 Tom Yum Kung (Asian financial crisis in Thailand) crisis, the banking system’s financial position is much more solid now.”

“At the end of 2019, the banking system’s capital funds totalled to 2.85 trillion baht, with a capital adequacy ratio of 19.6% and loan-loss provision of 701.2 billion baht, according to central bank data.”

“The non-performing loan coverage ratio was stable at 149.9% at the end of last year, and the liquidity coverage ratio remained high at 187.5%.”

“The banking system delivered a 30.8% rise in net profit to 270.9 billion baht in 2019.”

Siam Commercial Bank ‘s co-president Apiphan Charoenanusorn says that more than 100,000 clients with over 150 billion baht worth of total loans have requested financial aid to ease their burden after the bank launched the scheme in February.

Last week The central bank has set guidelines for the minimum assistance that financial institutions must offer to debtors to ease their financial burden amid the pandemic, which is effective from April 1st. All lenders, comprising commercial banks, specialised financial institutions, and non-bank and leasing companies, are required to comply with the guidelines covering 6 types of loan product…

  • Credit cards
  • Personal and car title loans
  • Auto and motorcycle loans
  • Machinery leasing
  • mortgages
  • SME – Nanofinance and Microfinance loans

Krungthai Bank data shows that the bank has already provided financial aid to 1,500 customers with combined loans of 30 billion baht, while another 70,000 clients with total loans of 250 billion baht are in the process.

The strongest demand for debt restructuring is seen in the bank’s mortgage and personal loans.

At the state-owned Government Savings Bank, President and chief executive, Chatchai Payuhanaveechai says that the GSB has offered a three-month grace period on principal and interest for all debtors who still service debt and miss payment for less than three months as of the end of March.

“The scheme, will run until June 30 and is automatically applied to qualified debtors without any registration requirement, adding that those who do not want to participate in the scheme can honor their debt as usual.”

SOURCE: Bangkok Post

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Coronavirus (Covid-19)

Thai food giant to provide a million meals priced at 20 baht

May Taylor

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Thai food giant to provide a million meals priced at 20 baht | The Thaiger
PHOTO: CP Freshmart Phetchaburi/Facebook

Thai food conglomerate Charoen Pokphand Foods says it plans to offer heavily discounted ready-to-eat meals for those facing financial difficulties as a result of the economic fallout of Covid-19.

CEO Prasit Boondoungprasert says a million meals will be distributed to Fresh Mart shops around the country and will cost just 20 baht. There will be a choice of dishes on offer and customers who purchase 5 meals at a time using the TrueWallet app will get an additional 5 baht discount .

“Six ready-to-eat meals will be offered under the campaign – rice with chicken breast in spicy sauce, rice with roasted chicken, rice with spicy chicken, fried rice with Korean-style roasted chicken, rice with garlic and liver and rice with omlette.”

Nation Thailand reports that CPF is also delivering free food to impoverished homes in Bangkok on Tuesdays, Thursdays and Saturdays and distributing vouchers to village healthcare volunteers around the country so they can purchase items at discounted prices at Fresh Mart branches nationwide.

Charoen Pokphand Foods Public Company Limited a company of the Charoen Pokphand Group, is an agro-industrial and food conglomerate headquartered in Thailand. Approximately 64% of its revenue came from overseas operations, with 30% from its home market of Thailand, and 6% from export operations. It recently acquired Bellisio Foods, one of the largest frozen food suppliers in the United States, for US$1 billion, as well as Westbridge Foods, a major British poultry producer with turnover of over £340 Million.

The company’s core businesses are livestock and aquaculture. Livestock operations include chicken broilers, chicken layers, ducks, and swine. In aquaculture, the two main marine animals are shrimp and fish – Wikipedia.

SOURCE: Nation Thailand

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Students to wear mask, get temperature checked at school

Caitlin Ashworth

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Students to wear mask, get temperature checked at school | The Thaiger
PHOTO: Caitlin Ashworth

Students will need to wear a face mask and have their temperature checked before entering school. The Public Health and Education ministries recently put restrictions in place for the start of school set for July 1, according to Nation Thailand.

Schools are categorised as a high risk area for the potential spread of the coronavirus. In general, cold and flu bugs spread fast in schools. Now, with a more serious pandemic, teachers and school officials will need to work extra hard to keep students healthy and somehow find a way to make sure students are social distancing.

“Hand sanitising checkpoints are now required throughout school grounds. Door knobs, toilets and playgrounds must be cleaned often. If a student has symptoms, the school must inform public health authorities.”

Some advisors are saying schools should wait longer to open, while others say children are less likely to show symptoms of the virus. The start date has already been pushed back and students are looking at a so-called “mega term” with little to no holiday break to make up for lost time until next year.

Thailand’s chief virologist, Dr. Yong Poovorawan, from the Faculty of Medicine says reopening schools needs careful consideration.

“If they do reopen in July, class sizes must be reduced to make sure students are seated a safe distance apart. It’s unclear how schools that are at capacity will lower class sizes.”

Distance-learning classes have launched online, but the system has had a few early bugs, with many Thais without internet or some unable to access the classes.

SOURCES: Nation Thailand| Thai PBS World| Bangkok Post

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Coronavirus (Covid-19)

Phuket chef hands out over 2,000 free meals

Jack Burton

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Phuket chef hands out over 2,000 free meals | The Thaiger

The Covid-19 pandemic has seen many heartwarming outpourings of charity, with a lot of businesses, both Thai and foreign, handing out free meals and essential goods to those affected by the crisis. The southern province of Phuket is no exception, with many pubs and restaurants joining in. But people in the island’s Bang Tao district might be surprised to learn that their meals were prepared not only by a career chef, but a student and disciple of legendary Chef Paul Bocuse.

Pablo Blattman, owner of Dedos restaurant, and his crew hand out more than 160 free meals a day and have now donated well over around 2,500 meals to the community. Blattmann, born and raised in La Paz, Bolivia, by a Swiss mother and Bolivian father, says the two cultures gave him insight in different universes of flavours.

At a time when most neighbouring restaurants are shuttered (or crippled by the ban on alcohol sales), Blattman says he wants to “give something back to the community which has given me so much.”

Phuket chef hands out over 2,000 free meals | News by The Thaiger

Although the crisis means Blattman must temporarily close the restaurant (again) at the end of May, he intends to go on giving back to the community.

“Our commitment to our community is still here, and we will keep our efforts up, but in a different way: dry food, going to workers’ camps, going upcountry… be assured that every penny donated will reach people in need. We are keeping a strict accounting on all our expenses and any donor is welcome to check it.”

Those wishing to support Dedos’s charitable efforts may visit its Facebook page.

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