Connect with us

Business

Economic outlook positive despite coup

Legacy Phuket Gazette

Published 

 on 

Economic outlook positive despite coup | The Thaiger
  • follow us in feedly

PHUKET: Business and economic leaders have expressed confidence in the economy despite the uncertainty surrounding the direction the National Council for Peace and Order (NCPO) will take in the coming weeks and months.

The heads of several leading property development companies, including Italian-Thai Development Plc, Sansiri Plc and Land and House Plc, all of which have large projects underway or slated for Phuket, were ordered to report to the NCPO on May 25.

Since then, two of the companies have released statements that none of their projects have been affected by the coup and will continue as scheduled.”Sansiri Plc will continue normal business without
any effect on operations.

Chief Executive Officer Apichart Chutrakul and Chief Operating Officer Wanchak Buranasiri, along with other high-level executives of the company will perform their duties as usual,” said the statement released by Sansiri.

Anant Asavabhokhin, chairman of the executive board and chairman of the board of directors at Land and Houses Public Co Ltd was also called to report to the council.

Land and House General Manager Ruksaspong Khumkhuanjum, subsequently told the Gazette on Tuesday that the company’s projects would would not be affected.

“Mr Anant was called by the NCPO. For what reason, I have no idea. However, our projects are ongoing as is. All the investments are on the way, including current projects and others,” he confirmed to the Gazette.

The third developer to be called was Premchai Kamasutra, president of Italian-Thai Development Plc, the contractor for the Thainan underpasses currently being built on the bypass road. However, no Ital-Thai statement was available as this story went to print.

Property agencies unfazed

Leading property agencies Jones Lang LaSalle and Frank Knight have also expressed confidence that the property market would not suffer in the wake of the coup, saying that the industry had weathered similar events in the past with little or no negative effects.

“Our discussions with clients and business partners, including property developers, investors and corporate occupiers, showed that the coup came as no surprise,” Jones Lang LaSalle Managing
Director Suphin Mechuchep told The Nation on Tuesday.

“Similarly, since the political tension escalated late last year, we have seen developers, owners, investors and occupiers becoming more cautious, with some of them adopting a wait-and-see approach. There remains no clear evidence of the coup changing the situation at this stage,” Mr Suphin said.

Frank Khan, executive director and head of residential for Frank Knight’s Thai unit, said that the political crisis in Thailand is currently not a big deal for the property business, and that things were difficult in the first four or five months of the year and the real-estate market was soft, but the situation is gradually improving.

“To look on the bright side, the political unrest has been beneficial in that the condominium market has cooled down, reducing the likelihood of an oversupply,” he added.

Economic road map

Meanwhile, seven key private-sector organizations are drawing up an economic road map comprising short and long-term reform plans to be presented to the NCPO in a bid to help restore economic confidence in the Kingdom, reported The Nation.

The groups are the Thai Chamber of Commerce/Board of Trade, Tourism Council of Thailand, Thai Bankers’ Association, Federation of Thai Industries (FTI), Federation of Thai Capital Market Organizations, Stock Exchange of Thailand and Thai Listed Companies Association.

“The most important thing right now is to find ways to bring back confidence in consumption, investment and tourism. Each organization has also been tasked with coming up with a plan to enhance the country’s competitiveness for the next 15-20 years,” said Isara Vongkusolkit, chairman of the Board of Trade.

Supant Mongkolsuthree, chairman of the FTI, said there were seven frameworks within the road map. They include plans to increase the country’s competitiveness, enhance public and private investment, promote education and innovation, lessen social and economic inequality, fix corruption, reform regulations and create a new economic structure.

Banks praise rice payments

Other signs of economic confidence increasing after the NCPO’s breaking of the political deadlock include the rapid payback of rice farmers involved in the troubled rice-pledging project. Payments have already started to flow, enabling farmers to pay back debts and put money towards next year’s crops.

Commercial banks have expressed strong interest in bidding for a multi-billion-baht bridging loan under the rice-pledging project, as they believe the payment of long-overdue money to farmers marks the first step in fueling the sluggish economy.

Their interest comes after the Finance Ministry invited 32 state and private banks to bid for the first phase of a three-year program of bridging loans, totaling 50 billion baht, to the Bank for Agriculture and Agricultural Cooperatives (BAAC), so that rice farmers can be paid.The first 30-billion-baht tender will take place on June 6, while a second is scheduled for June 13. Vasin Vanichvoranun, executive vice president of Kasikornbank, told The Nation on Tuesday that, assuming legal issues surrounding such lending were fully clarified, the bank should have no problems about participating in the bidding.

“Rice payment [to farmers] is a good way to fuel the economy. However, we also have to pursue other projects, including infrastructure projects, which have not been announced yet,” he added. Other leading banks have expressed optimism that since the political impasse is over, investment funding for public infrastructure will begin to flow, boosting the economy.

Chansak Fuangfu, director and senior executive vice president of Bangkok Bank, said they were awaiting signals from the NCPO on such public infrastructure funding.

“What the bank has to monitor is additional public investment projects, which will fuel the economy significantly. We are awaiting the upcoming economic road map from the National Council for Peace and Order,” he said.

Arthid Nanthawithaya, senior executive vice president of Siam Commercial Bank, said a positive sign for the economy – and for boosting private-sector confidence – is the fact that the NCPO has announced it will give importance to public investment, and especially to major infrastructure projects.

— Chutharat Plerin / The Nation

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Business

Governments & old media versus social media – who will win? | VIDEO

The Thaiger

Published

on

Governments & old media versus social media – who will win? | VIDEO | The Thaiger

We look at the recent changes made by the Australian and Indian governments to except control over the world’s biggest social media platforms. India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social. There is now an open battle between the rise of social media platforms and the governments and ‘old’ media that have been able to maintain a certain level of control over the ‘message’ for the last century. Who will win?

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told. The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Continue Reading

Business

The social media giants in battle with ‘old’ media and world governments | VIDEO

The Thaiger

Published

on

The social media giants in battle with ‘old’ media and world governments | VIDEO | The Thaiger

“The rules signal greater willingness by countries around the world to rein in big tech firms such as Google, Facebook and Twitter that the governments fear have become too powerful with little accountability.”

India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social.

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The companies are also being made to publish a compliance report each month with details about how many complaints they’ve received and the action they took.

They’ll also be required to remove ‘some’ types of content including “full or partial nudity,” any “sexual act” or “impersonations including morphed images”

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told.

The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Continue Reading

Business

Turbulence ahead for Thailand’s aviation industry | VIDEO

The Thaiger

Published

on

Turbulence ahead for Thailand’s aviation industry | VIDEO | The Thaiger

When the airlines, in particular, were asking the government to put their hands in their pockets for some relief funding in August last year, it was genuinely thought that international tourists would be coming back for the high season in December and January. At the very least local tourists and expats would head back to the skies over the traditional holiday break. And surely the Chinese would be back for Chinese New Year?

As we know now, none of that happened. A resurge in cases started just south of Bangkok on December 20 last year, just before Christmas, kicking off another round of restrictions, pretty much killing off any possibility of a high season ‘bump’ for the tourist industry. Airlines slashed flights from their schedule, and hotels, which had dusted off their reception desks for the surge of tourists, shut their doors again.

Domestically, the hotel business saw 6 million room nights in the government’s latest stimulus campaign fully redeemed. But the air ticket quota of 2 million seats still has over 1.3 million seats unused. Local tourists mostly skipped flights and opted for destinations within driving distance of their homes.

As for international tourism… well that still seems months or years away, even now.

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Continue Reading
Phuket Thai food treats you need to try | VIDEO | The Thaiger
Tourism5 days ago

Phuket Thai food treats you need to try | VIDEO

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23 | The Thaiger
Thailand5 days ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

In search of Cat & Dog Cafés in Phuket Town | VIDEO | The Thaiger
Tourism5 days ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21 | The Thaiger
Thailand1 month ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19 | The Thaiger
Thailand1 month ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18 | The Thaiger
Thailand1 month ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15 | The Thaiger
Thailand1 month ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14 | The Thaiger
Thailand2 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13 | The Thaiger
Thailand2 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12 | The Thaiger
Thailand2 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11 | The Thaiger
Thailand2 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8 | The Thaiger
Thailand2 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Thailand News Today | 305 infections, No happy ending for massages, Phuket quarantine mooted | Jan 7 | The Thaiger
Thailand2 months ago

Thailand News Today | 305 infections, No happy ending for massages, Phuket quarantine mooted | Jan 7

Thailand News Today | 10,000 schools closed, 900 new migrant infections, Gambling crackdown | January 6 | The Thaiger
Thailand2 months ago

Thailand News Today | 10,000 schools closed, 900 new migrant infections, Gambling crackdown | January 6

Thailand News Today | PM reverses lockdown, Southern P.D.A. crackdown, Covid update | Jan 5 | The Thaiger
Thailand2 months ago

Thailand News Today | PM reverses lockdown, Southern P.D.A. crackdown, Covid update | Jan 5

Follow The Thaiger by email:

Trending