Thailand unveils third phase of 10000 baht stimulus project
Deputy Finance Minister Julapun Amornvivat confirmed plans to proceed with the third phase of the 10,000 baht economic stimulus project yesterday, Feburary 7.
The initiative, aimed at injecting approximately 150 billion baht into the economy, is expected to start in the second quarter of the year. Discussions took place during a subcommittee meeting on economic stimulation projects, with further meetings scheduled before presenting it to the Economic Stimulus Policy Committee, chaired by Prime Minister Paetongtarn Shinawatra, in late February. The proposal will subsequently be submitted to the Cabinet for approval.
The meeting also explored simplifying certain conditions to facilitate the circulation of funds, allowing citizens to convert these funds into cash or use them to advance their businesses more easily. As part of the project, financial institutions and non-bank entities have already been consulted, with significant cooperation achieved. The initiative will initially be piloted with major financial institutions, primarily through the Tang Rat application, to ensure smooth expenditure by the public. Notably, the third phase will employ a digital wallet system instead of cash. The government has emphasised the importance of security and confidence in the blockchain technology that will be utilised.
Julapun expressed confidence in the project’s mechanisms, highlighting their potential benefits and the commitment to completing the initiative. The government has engaged with banks and non-bank institutions, all of which have responded positively to integrating the Open-Loop system for public convenience.
For those without smartphones, the government will provide registration opportunities. However, further clarity will be available following the Economic Stimulus Policy Committee’s meeting, with implementation expected to coincide with the third phase disbursement.
The subcommittee also reviewed data from the National Economic Office and the Ministry of Finance, demonstrating the project’s past success. Notably, only 5% of the 150 billion baht investment was used for savings or debt repayment, indicating that the majority of the funds were actively circulated within the economy, reported KhaoSod.
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