New Debt Management Program for Thai Farmers
Thai farmers who are unable to repay debts will be subject to a new strategy from the Bank for Agricultural Co-operatives. According to bank president Teerapong Tungteerasunun ”Under the new program, we are going to take into account in-depth personal information and family profiles of individual debtors so that the bank can help tailor-make the right management approach to enable them to repay their debts.” He also said ”The previous debt suspension program for Thai farmers was too generalized.” Five billion baht in funding for the new debt suspension program for farmers in Thailand was approved this week.
Over 340,000 farmers with debt up to 100,000 baht will be the focus of the new program. The total cost of the program, including training for farmers to improve their skills is expected to be 18.07 billion baht over two years. Mr. Teerapong noted that as younger people moved away from farming to seek work elsewhere, there was often a shortage of available labor leading to problems for farmers. He also said ”Certain farmers were found to be overspending, and in this case the bank is ready to help them with financial management.” Adding ”In the past, we admit that the bank’s staff might have influenced decisions of the farmers in growing crops. For instance, rice farmers were recommended to quit growing rice, even though they had planted rice throughout their lives.” He assured farmers that under the new program they would choose for themselves which crops they wanted to grow. Mr. Teerapong also said the bank would offer career development and administration training for the farmers and encouragement of local experts to help improve farming techniques
New Debt Management Program for Thai Farmers
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