Pheu Thai coalition ‘done’: Cabinet posts for PPRP, UTN support. The Pheu Thai Party has now sealed a deal with the Palang Pracharath Party (PPRP) and United Thai Nation (UTN) Party in which the two parties have agreed to vote for Pheu Thai’s prime ministerial candidate in exchange for slices of the cabinet quota cake, according to a source. Bangkok Post
Pension rule change draws fire: Elderly face limits on who gets welfare. Critics have slammed the outgoing government for issuing a new regulation imposing income limits on the elderly receiving monthly allowances. Bangkok Post
Drought limits electricity imports: Hydropower plants in Laos under pressure. The renewable power supply in Thailand could be affected by drought as the country imports electricity generated by hydropower from Laos, which has reduced water volume in its rivers, says the Electricity Generating Authority of Thailand (Egat). Bangkok Post
Credit card firms push BoT rethink: Talks to focus on rates and repayments. The Credit Card Club, a unit of the Thai Bankers’ Association, plans to talk to the Bank of Thailand about expanding the ceiling interest rate and prolonging the relaxation of minimum payments for card spending. Bangkok Post
National Credit Bureau reports statistic that in the past 3.5 years, banks have sold THB287bn worth of bad debt. In 1H23, banks have sold THB70bn vs. THB100bn in 1H22 but the trend is likely for increasing amount to be sold.
Pheu Thai’s digital cash handout of THB10,000 per head (THB500bn total) is likely to allow the economy to grow 3% according to Thai Chamber of Commerce. It comes at a time when the government needs to plan for and mitigate the risks posed by severe drought, which is estimated to cause THB53bn in economic damage.
Thai Jul industrial sentiment index fell to 10-mth low at 92.3 from 94.1 in Jun dented by shrink exports & uncertainty over the formation of new government after May’s election, Federation of Thai Industries (FTI) said on Wed.
Hotels eager for handout to have tourism category: As the Pheu Thai Party promises a 10,000-baht digital wallet giveaway, tourism operators are hoping the scheme will extend its spending range from a 4kilometre radius to enable hotels to benefit. Bangkok Post
Seeing into a crystal ball: Analysts think the Bank of Thailand is nearing the end of its cycle of policy rate increases. The Monetary Policy Committee raised the policy rate to 2.25% earlier this month, the highest level in nine years. With the Bank of Thailand gradually raising its policy benchmark rate for a year as part of its monetary policy normalisation to tame inflation, the market now expects the rate hike cycle to end. Bangkok Post
Map Ta Phut port on track for completion: The Industrial Estate Authority of Thailand (IEAT) expects its thirdphase development of the Map Ta Phut deep-sea port in Rayong will be completed in 2027, ready to serve investment in the Eastern Economic Corridor (EEC). Bangkok Post