Minister targets reduced production cost to shore up rubber price
Deputy Prime Minister/Agriculture Minister Yukol Lim-laemthong urged all
parties to systematically deal with Thailand’s declining rubber price
problems, focusing on reducing production costs as the priority.
Yukol on Friday told a seminar on reducing production costs and increasing
Thailand’s rubber produce for competitive ability in the ASEAN Economic
Community (AEC) that Thailand’s top exported product is rubber. However, its
export value last year declined despite rubber export quantity rising to 3.2
million tonnes and current rubber prices not tending to increase, partly due
to large rubber stockpiles in Thailand and China.
A committee was set up to inventory stockpiles for further planning and
management.
The minister said Agriculture Ministry’s first measure to tackle rubber
price problems is to find clear production costs in an effort to stabilize
rubber prices in accordance with demand/supply. High market demand can carry
prices as high as Bt150/kg.
Related parties are to determine actual production costs and how much
farmers should earn, Yukol noted, adding that farmers are also to improve
themselves by applying new technology for reducing costs and pushing for
more rubber exports in order that Thailand can become the rubber centre of
the Association of Southeast Asian Nations (ASEAN). (MCOT)
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70 blacklisted rice mills allegedly in rice pledge scheme
Seventy-seven blacklisted rice mills were permitted to
participate in the government’s rice pledging scheme, it was disclosed by a
House special committee considering the 2014 budget bill.
Watchara Petchthong, committee spokesman said he was assigned to inspect two
rice mills in the central province of Sukhothai, formerly blacklisted, but
they were later allowed to join the government’s rice scheme.
The rice mills obstructed the inspection. It is suspected that the rice mill
owners and some government officials have shared vested interests.
Watchara said the committee asked the Public Sector Anti-Corruption
Commission, the Anti-Money Laundering Office, the Electricity Generating
Authority of Thailand, the Revenue Department and the Provincial Electricity
Authority to probe financial transactions and power bills of the two rice
mills since 2007 and to check whether there was rice stored in the
warehouses or not.
The two rice mills probably cost losses of 642 million baht to the state,
Watchara said. (MCOT)
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Government approves commodity price control measures
The Thai government approved measures to control
commodity prices to help ease public burden, a government spokesman said.
Teerat Ratanasevi announced the measures following a July 12 meeting between
economic ministers and concerned agencies to monitor the economic situation.
The meeting approved six measures to regulate commodity prices, the
spokesman said.
The Agriculture Ministry was assigned to control production costs,
particularly raw materials for food production including maize, soybeans and
chemical fertilizer, as it could help reduce goods prices.
The logistic system must be efficiently managed, while more distribution
centers will be set up under the supervision of the commerce and the
agricultural ministries.
The government spokesman said zoning of economic crop cultivation will be
introduced to farmers, adding that the three ministries - finance, commerce
and agriculture - will join hands to prevent monopolies in sales of raw
materials and encourage new merchants in the markets.
Regarding measures to reduce the impact on citizens following the Liquefied
Petroleum Gas (LPG) price hike, Teerat said the public will be encouraged to
use natural gas vehicles (NGV) instead and more gas stations will be
provided.
The last measure, he said, involves the Finance Ministry, the Bank of
Thailand, and the National Economic and Social Development Board which have
been assigned to monitor the global economy in the second half of the year
after the International Monetary Fund (IMF) cut the world economic growth
from 3.2 percent to 3.1 percent and the United states announced its plan to
begin cutting its use of quantitative easing later this year.
Deputy Prime Minister/Commerce Minister Niwatthamrong Boonsongpaisan said
meetings will be held again in the next few weeks to conclude measures to
handle the slowdown of public consumption and to control commodity prices at
an appropriate level. (MCOT)
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Thai central bank keeps key interest rate unchanged
The Bank of Thailand’s Monetary Policy Committee (MPC)
voted unanimously last week to maintain the policy interest rate unchanged
at 2.5 percent with immediate effect, reasoning it was a necessary response
to slowdowns in domestic demand and exports.
“The growth of the Thai economy has been moderate due to a slowdown in
domestic demand and exports. Private consumption softened, as consumers
exercised more caution partly as a result of the rising debt burden, coupled
with waning government consumption stimulus measures,” the MPC said in a
statement.
“Exports decelerated from domestic supply constraints as well as China’s
slowdown. Weak domestic and external demands in turn caused further delays
in private investment. Inflationary pressures eased from softening domestic
demand and lower production costs,” it said.
The MPC judged that the slowdown in domestic demand was partly an adjustment
from the previous extraordinary growth induced by government stimulus
measures, and thus should resume its normal growth path in the periods
ahead.
Prevailing domestic environment remains supportive of a recovery of private
spending, including sound underlying fundamentals such as high employment
and income, and accommodative monetary and fiscal policies as reflected in
continued private credit growth and fiscal deficits.
Bank of Thailand assistant governor and MPC secretary Paiboon
Kittisrikangwan said the committee saw signs of economic slowdown, and had
therefore cut the benchmark rate by 0.25 percent at the last meeting.
The current rate is seen as appropriate to the economic conditions, he said.
Paiboon, however, stopped short of saying whether the MPC will keep the rate
unchanged until the end of the year, adding that it depends on internal and
external factors. In addition, it remains to be seen how long the
government’s investment project will be delayed. He advised that the
government should shift its focus from domestic demand and consumption
stimuli to production sector efficiency.
The MPC is scheduled to announce this year’s revised growth forecast July
19. The committee basically shares similar views with other agencies which
have lowered the growth forecast below 5 percent given that Thailand faces a
labor shortage that will adversely affect private investment expansion, the
senior BoT official said.
He also said that the next monetary policy meeting will consider the global
economy, fund flows, and the baht movement in its latest economic update.
(MCOT)
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Amari Residences Phuket Showcase comes to Pattaya
with special pre-sale package
Two bedroom living area.
Amari Estates invites prospective property owners to
visit the Amari Residences Phuket Showcase taking place in the lobby of the
Amari Orchid Pattaya from now until Sunday 21 July, 2013 from 10:00 a.m.
until 6:00 p.m.
Following the hugely successful property showcase held in Bangkok last
month, Amari Estates has extended the pre-sale prices offer to residents of
Pattaya and the Eastern Seaboard. Starting at THB 6.9 million, with a
guaranteed 6% yield for three years, interested parties registering their
interest with a down payment of THB 35,000 deposit will be entitled to enjoy
a holiday package for two to personally view the hotel-branded residences
show suites in Phuket before making their final decisions. In addition, SCB
Platinum credit card holders will enjoy additional promotions such as X5 SCB
reward points on the reservation and contract signing fee, as well as a 0%
interest for 6 months on the contract payment.
Peninsula with private beach
and private jetty along Patong Bay.
When complete at the end of next year, Amari Residences
Phuket will comprise of 148 spaciously laid out one, two and three-bedroom
residences and 12 pool villas situated on a prime coastal site above Patong
Bay - Phuket’s most expensive location where land prices average THB 120
million per rai. Each unit will be luxuriously furnished by Chanintr Living.
Architecturally designed as two and three-storey low-rises offering 270
degree panoramic sea views from every unit, the project was awarded “Best
Architecture for Multiple Residence” at the Asia Pacific Property Awards in
early May this year.
For any further information regarding Amari Residences Phuket, please
contact Ms. Preeti Tanwani on +662 654 1111 ext 104 or
[email protected]
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