Debate discussion group Offer to reduce the high interest ceiling issuing assistance measures to cover all financial institutions Ask the government to inject money to help businesses and workers of 700 billion baht.
On September 14, reporters reported that Fair Finance Thailand held a panel discussion on the topic of Covid, the Debt Crisis, the Recurring Ghost, and Sustainable and Fair Solutions. According to data from the Department of Business Development and the Household Socio-Economic Survey data, 754,870 businesses are in the highest controlled areas or in 9 industries that are highly affected. which accounted for 93.9% of the total business These businesses employ 24.8 million people, or 65% of the workforce. Of these, about 13.7 million workers, or more than half, are low- and middle-income earners.
Ms. Narumon Meksudoon, Head of the Consumer Rights Protection Center Foundation for Consumers revealed that the echoes from debtors who complained about the problems of debt assistance measures were not covered, as follows: 1. Some financial institutions are not under the supervision of the Bank of Thailand, resulting in not helping debtors in accordance with the measures. 2. Even if there is a moratorium on debt But there are still interest and fees charged. causing the future to pay more debt than before 3. There is a refusal to help debtors who are unemployed. 4. No measures for good debtors that may have problems in the future I wish there was a debt restructuring before there was a problem.
“The initial proposal to the government is to lower the still high interest ceiling. Subsequently, all financial institutions, whether present or not, under the supervision of the Bank of Thailand, shall suspend their debts to cover and promote incentives for financial institutions to help the debtor more,” said Ms. Narumon.
Ms. Oramon Chanthaphan, Deputy Director Debt Restructuring Group The Bank of Thailand revealed that the Bank of Thailand focuses on debt restructuring that takes many forms. to each debtor like if you can’t pay during this period then pay a few hundred baht per month In the future, when the situation improves to have more debt repayments It also includes the use of digital to reduce the credit process. Financial institutions that are not under the supervision of the Bank of Thailand are in discussion. to have measures to help out as well
Dr. Somprawin Manprasert, Executive Vice President Bank of Ayudhya Public Company Limited revealed that in economics, there is no concern about debt. but will be more concerned about the ability to repay Debt now to survive absolutely necessary especially government loans that must be adequately healed Later, help restore the business. and must have a lump sum in order for the business to adapt to the new world But now the state loan is not enough to help. especially to maintain employment that pays wages of not less than 80% of the original wages The measures must be maintained for at least 6-18 months when combined with other cost-cutting measures. Approximately 700 billion baht is required. If there is not enough assistance, it will affect the country’s economy in the long run.
“The problem of economic recovery is not equal. Also known as K-Shape, it is divided into 3 dimensions. 1. The poor are affected more than the rich. 2. Help is inaccessible to the poor because it is not in the tax base system 3. Rich people recover faster. As a result, after the covid incident, there will be more class inequalities,” said Dr. Somprawin.
Dr. Parichart Munsakul, Director of the Office of Chief Executive Officer of Carabao Tawandang Company Limited, former judge And the former receiver of the Legal Execution Department revealed that the objectives of the bankruptcy process can be divided into: 2. Want the debtor to relieve the debt burden give a chance to start over 3. Let the economy go on But the bankruptcy process in Thailand in the past found that cases that entered bankruptcy It is a case where 98.6% of the debtor has no assets, meaning that the creditor has not received payment. The debtor who enters the bankruptcy process It takes about 5 years to get out of bankruptcy, which is quite a long time.
“The proposal to adjust the bankruptcy process consists of 1. Examine unnecessary cases. such as filing for bankruptcy to dispose of bad debts or collecting debts There should be another process to support here. or have mediation before suing Don’t let a lot of cases go to court 2. Use technology to help reduce the process. 3. Link the asset database system There is no need for the complicated process of searching for assets. 4. Raise the level to sell at auction. through online,” said Dr. Parichart.
