THE Economic Policy Committee has approved four relief and rehabilitation measures for the critically-flooded southern provinces and among the steps are allowing flood victims to borrow 100,000 baht for one year at 0% interest rate and businesses with no more than 200 employees up to 15 million baht, PPTVHD 36 and Amarin TV said this evening (Dec. 1).
Deputy Prime Minister/Minister of Finance Ekniti Nitithanpraphat said after the meeting that once floodwaters recede the priority is to integrate assistance from all sectors to quickly restore people’s lives to normalcy.
These relief and rehabilitation measures include:
1/ Debt Reduction: Loans through a collaboration between the Bank of Thailand, state-owned financial institutions and private financial institutions.
– Debt relief and lending measures, including a 12-month suspension of principal and interest payments, up to 1 million baht per person. The Bank of Thailand will relax the criteria for non-performing loans (NPLs).
– Relief loans: Allowing disaster victims to borrow up to 100,000 baht per person at 0% interest for 12 months, with expedited approval.
– Rehabilitation loans: 0% interest for 12 months, up to 1 million baht. BOT and the Thai Bankers’ Association will design various measures.
– SME assistance measures include soft loans, guaranteed by the Thai Credit Guarantee Cooperation, using a loan model from the three southern border provinces.
2/ Adding more money to people’s pockets:
– The 9,000 baht relief fund will be presented to the Cabinet tomorrow. Following the Cabinet approval, disbursement will be promptly launched.
– An extension of a 100 million baht trial fund for provincial governors to meet various expenses in assisting affected residents, including setting up food pantries to ensure prompt assistance.
– Insurance: For damaged property, the Office of Insurance Commission (OIC) will pay compensation based on actual damage, up to 20,000 baht. Stores with insurance will receive 30,000 baht. Car claims will be expedited by taking a photo of the car showing the licence plate and water level, allowing for immediate claims.
The Ministry of Labour has met with business operators to discuss assistance for workers without income. Social Security contributions have been extended.
– Employees will receive unemployment compensation of 50% of their wages for 180 days.
– Employment loans for business operators with no more than 200 employees, with a maximum loan limit of 15 million baht.
3/ Reduce expenses, especially low-priced goods through Blue Flag outlets.
– Extended tax payment deadlines. Business operators have requested a reduction in land and building taxes.
– Personal income tax deduction for property repairs, up to the actual amount paid, but not exceeding 100,000 baht.
– Vehicle repair tax deduction, up to the actual amount paid, but not exceeding 30,000 baht.
– Entrepreneurs with property repair expenses can deduct double their tax.
– A tax deduction for donations to disaster victims.
– The Commerce Ministry will implement the Blue Flag programme.
4/ Help disaster-affected areas recover and become stronger.
Commerce Minister Suphajee Suthumpun said her ministry will be implementing a three-phased response.
The first phase, which has already been implemented and continues to be implemented, involves sending consumer goods, particularly raw food ingredients such as eggs, rice and various other foods, to food pantries.
The second phase is being implemented in parallel with the relief efforts. The ministry will look at ways to ensure people have access to essential equipment, including for home and vehicle repairs, and electrical appliances. The ministry is coordinating with various department stores, including Big C, Lotus, Makro, and specialty stores like HomePro, Mega Home, Thai Watsadu and Mega House, to offer discounts of up to 80% to ensure public access to these products without shortage.
The third phase, the Blue Flag Fair, will be a special event focusing on essential items. Mobile stations will be set up for public convenience. Franchise operators will also be roped in to increase income-generating and career opportunities. The Commerce Ministry will coordinate with the Finance Ministry and related agencies to provide partial franchise fee support.
CAPTIONS:
Top and Front Page – Deputy Prime Minister/Finance Minister Ekniti Nitithanpraphat. Both photos – PPTVHD36
Insert – Commerce Minister Suphajee Suthumpun. Photo – PPTVHD36
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