“Pichai” delighted with capital inflow, confident in new government

"Pichai" is pleased with the inflow of capital, confident that the new government will support the weakening of the baht and support exports, hinting that welfare funds will be transferred after 20 Sept to increase purchasing power for small investors, and moving forward with the adjustment of the entire tax structure. Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, said during the seminar "SHAPING TOMORROW" organized by the Capital Market Academy that the first lump sum payment of 10,000 baht in September 67 after the government's policy statement to the parliament is expected to be transferred to welfare cardholders after September 20. The format will be adjusted to be a cash handout of 10,000 baht to 14.5 million welfare cardholders. The money will be automatically received without having to register again to stimulate the economy. For the continuous flow of foreign capital, which resulted in the trading value of the Thai stock market last Friday being more than 100 billion baht , it is because foreigners have confidence, the government was formed quickly, they are confident in the policies to solve economic problems and develop infrastructure, and the trend of interest rates in the world market has decreased, causing capital to flow into Thailand, which has caused the baht to appreciate somewhat. However, we would like it to move appropriately to take care of Thai exports because Thailand is still relying on income from exports. Currently, there are new funds coming in to help support stock buying, especially the Vayuphak Fund worth 150 billion baht, which has opened for sale to retail investors. We believe that we will be able to add 60-80 billion baht to the capital market during this period. For the new government's task, it is moving forward to solve household debt problems, both in terms of housing after the GH Bank has adjusted this structure to help many houses, including helping in various aspects. The automotive group has arranged to discuss measures to take care of all as pects from the problem of refusing to grant car loans by finance companies after the BOT has strengthened supervision of financial institutions and has set aside sufficient provisions for both doubtful debts and NPLs. Therefore, it is believed that state banks and commercial banks will be able to cooperate to solve household debt problems more. The government is also moving forward with the adjustment of the entire tax structure to reduce the disparity between the poor and the rich, to take care of both personal and corporate income taxes, to support competition with neighboring countries because many countries have received lower rates to attract investment and to take care of small groups through the concept of Negative Income Tax to be Workfare, taking care of working people whose income is lower than the minimum criteria set by the state. The state pays a subsidy in the difference between each person's income and the minimum criteria. For unemployed people, it may subsidize money to a certain extent, but it may be less than for general working people. Negative Income Tax therefore helps reduce the burden of government welfare expenses in another way. The government also needs to promote ESG so that all agencies can drive it together. Therefore, I would like to leave the homework to the SEC and the Stock Exchange of Thailand to create a plan to encourage listed companies to jointly care for the environment and support the drafting of a new law on trading in the carbon credit market. While Singapore has started trading carbon credits at 17 US dollars per ton of carbon, Europe is buying at a price of 100 US dollars per ton of carbon, while Thailand's price is very low compared to many countries. It is likely that all industries will be forced to enter the system. Mr. Pichai also continues to develop the logistics system, including the Thai-Chinese high-speed train, as well as the Land Bridge project to connect the transportation of goods from China to Thailand for distribution to other regions, making Thailand a tourism hub, organizing activities in every aspect to promote tourism, resulting in increased spending by tourists, and being a travel hub connecting to neighboring countries because Thailand has potential in tourism. Source: Thai News Agency