1. Political activists have stepped up their calls for the release of detained youth activists following the death of Netiporn Saneysangkhom, known as Boong Thalu Wang, after she went on hunger strike for 108 days in prison.
2. The cabinet has approved a special 10-year visa for executives and experts working in the EEC to support the development of targeted industries in the country.
3. National Credit Bureau recorded a 15% rise in overall NPLs in 1Q24, primarily driven by auto (+32% yoy to Bt240b) and mortgage (+18% yoy to Bt1.99b) loan payment defaults, .
4. Bureau sees 15% hike in overall NPLs: Q1 uptick attributed to payment defaults. The National Credit Bureau (NCB) recorded a 15% increase in overall non-performing loans (NPLs) in the first quarter of this year, primarily driven by auto and mortgage loan payment defaults.
5. Hotel occupancy rates in BKK during 1Q24 at 80.7%, was close to pre-pandemic levels, primarily fuelled by an influx of Mice (meetings, incentives, conferences and exhibitions) travelers, said Colliers.
6. Dept of Alternative Energy Development and Efficiency (DEDE) mulls introduce a new tax reduction scheme for households that install rooftop solar panels, any household that purchase solar panels with a power gen capacity less than 10 kwh at cost of less than Bt 200k can participate the prog, tax reduction calculation will be determined by Revenue Dept, scheme seen arriving by end of 1H.
7. Real Estate Information Center (REIC) reported 1Q nationwide residential transfers -13.8% yoy to 6 year low at 72,954 units, mainly due to loan rejections as financial institution tightening criteria for mortgage approval.
8. War of independence: The Bank of Thailand’s operational autonomy is increasingly being questioned, with opponents saying it holds back growth, while supporters emphasise its role in maintaining economic stability and low inflation. Following a speech by Pheu Thai Party leader Paetongtarn Shinawatra declaring the independence of the Bank of Thailand an obstacle to fixing a stagnant economy, the issue has been echoed in media reports, fuelling an ongoing rift between the central bank and the coalition government.
9. BoT urged to take FIDF debt burden: Proposal takes amount off public books. A proposal by a Finance Ministry official to shift the debt burden responsibility of the Financial Institutions Development Fund (FIDF) to the Bank of Thailand has been put forward, as the central bank is already responsible for repaying both the principal and interest of the debt.
10. Industry sees options to BoT spat: Other levers than pressure available. The government should seek more acceptable options to resolve its dispute with the Bank of Thailand over policy rates rather than attempt to curb the regulator’s power, which is a contentious tactic, says Montri Mahaplerkpong, vicechairman of the Federation of Thai Industries. He said he disagrees with any proposals to amend a law that would impact the bank’s authority over managing the nation’s financial stability.

Bonus 4

1. Ministry shifts tune on minimum wage: The Labour Ministry appears to be backing down from its plan to raise the daily minimum wage to 400 baht nationwide after representatives of business groups submitted a petition opposing the move yesterday.
2. Bangkok occupancy rates bounce back in Q1: Hotel occupancy rates in Bangkok during the first quarter of 2024 bounced back close to pre-pandemic levels, primarily fuelled by an influx of Mice (meetings, incentives, conferences and exhibitions) travelers.
3. JSCCIB puts forward 18 new projects: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has proposed 18 development projects in four provinces in the country’s lower central region.
4. Cabinet okays 10-year EEC visa for foreigners: The cabinet has approved a special 10-year visa for executives and experts working in the Eastern Economic Corridor (EEC) to support the development of targeted industries in the country.