Category: The Bangkok Post

The government’s 44-billion-baht “Khon La Khrueng Plus” co-payment scheme comes just in time to lift the restaurant sector amid the country’s economic slowdown, says the Restaurant Association.

Slated to run from Oct 29 to Dec 31, the scheme offers a 2,400-baht subsidy for individuals registered in the tax system, while those outside the system receive 2,000 baht each, with a daily spending cap of 200 baht.

“The scheme arrives at the right time as the economy is sluggish, with consumers more cautious with their spending,” said Chanon Koetcharoen, president of the Restaurant Association.

While mom-and-pop stores and other small businesses such as massage parlours and nail salons are also eligible to participate, Mr Chanon said based on past stimulus packages, the measure could increase restaurant sales by around 30% compared with non-stimulus periods.

He said the scheme could influence consumer habits, encouraging people to order more per visit or dine out more often.

Some groups dining together might split their bills to maximise their subsidies, reducing the cost per person, said Mr Chanon.

Local media reported some restaurant owners are hesitant to join the scheme due to fears of potential audits for retroactive taxes.

He said there are some concerns over this issue, but added he expects most small restaurants to participate as the scheme is likely to increase their income.

For the fourth-quarter outlook, Mr Chanon said there was a mix of positive and negative factors.

On the positive side, the start of fiscal 2026 is expected to facilitate budget disbursements that could further stimulate economic growth. Moreover, the tourism sector has entered its high season, which typically supports the restaurant industry.

From Jan 1 to Oct 5 Thailand recorded 24.5 million foreign visitors, a 7.5% year-on-year decline. The top five source markets were Malaysia, China, India, Russia and South Korea, according to the Economics Tourism and Sports Division of the Tourism and Sports Ministry.

Mr Chanon urged the government to act quickly to address Thailand’s negative tourism image.

He said the restaurant industry continues to face high raw material costs, especially for pork.

Furthermore, the sector is struggling with a labour shortage. Many restaurants already pay above the minimum wage. With the Vegetarian Festival in late October and year-end celebrations, the demand for workers will rise, leading to further increases in wages that pressure labour costs, said Mr Chanon.

With developing countries facing intense financial pressure and developed countries slashing foreign aid, it can be tempting to dream of stumbling across a pot of gold. Dream no longer: The International Monetary Fund is currently sitting on 90.5 million ounces of the metal.

A relic of the gold standard, these holdings could be quickly turned into tangible funds. After hovering around US$2,000 (65,200 baht) per ounce for most of the last half-decade, the price of gold has now topped $4,000 per ounce. Even in real terms, this is a record high. But you wouldn’t know it from looking at the IMF’s balance sheet, which values its gold at just $50 per ounce, a price last seen in the 1970s.

In reality, the IMF’s gold reserves are worth over $350 billion — more than Chile’s GDP. Selling just 10% of these holdings would generate enough funds to offset this year’s foreign-aid cuts.

Such a move is not without precedent. The IMF has sold gold several times, most recently in 2009-10. The Fund used the proceeds from that sale to create an endowment account that complements IMF revenue and subsidises the Poverty Reduction and Growth Trust, its concessional lending arm for low-income countries.

The case for selling a small share of the IMF’s gold is even stronger today. The funds could help support cash-strapped developing countries, without requiring any donor contributions. And by placing them in an endowment account, the IMF could create a long-term, sustainable source of concessional financing for these countries. Perhaps most importantly, the Fund might never get a greater bang for the bullion.

The proceeds from a gold sale could be channelled into multiple existing trusts within the IMF. Perhaps the most promising candidate is the Catastrophe Containment and Relief Trust (CCRT), which covers repayments by vulnerable low-income countries of debt owed to the IMF in the aftermath of public health or natural disasters. Right now, just as these countries face large IMF repayments, the CCRT funds are nearly depleted, totalling around $115 million — barely enough to support one country in the wake of a crisis, let alone the dozens that could use it. With slight amendments to the CCRT’s eligibility criteria, the negative effects of aid cuts and trade adjustments on public-health financing could qualify as shocks meriting relief. This, coupled with a replenishment, would enable the CCRT to fulfil its potential.

Alternatively, these funds could be used to increase the concessionality of the IMF’s Poverty Reduction and Growth Trust, scaling up support for low-income countries.

But regardless of which trust is selected, placing the proceeds from a gold sale in an endowment account would maximise their impact by continuously generating returns to be distributed to the trust. As an added benefit to the United States, the endowment fund could include investments in US Treasury bills, boosting demand for them.

This use of gold is entirely consistent with the IMF’s mandate. The aid cuts to some developing countries amount to several percentage points of GDP. The consequent need to increase domestic spending on public health, education, and related sectors will further strain governments that were already grappling with high debt-servicing costs. Moreover, reductions in aid and shifts in global trade have balance-of-payments implications, particularly in sectors that rely on imported goods, such as HIV/Aids medications.

Selling some of the IMF’s gold also aligns with the stated desires of the US and other developed countries. Now confronted with high debt levels, challenging economic conditions, and the need to increase defence spending, these countries have stressed that the responsibility for funding global public goods must be more widely distributed, and that international institutions — including the IMF — should use their resources more efficiently. What is more inefficient than sitting on an idle pile of gold?

The unintended consequences that many fear, such as a slide in the price of gold, are unlikely to emerge. To avert this outcome in 2009-10, the IMF sold gold gradually, initially making off-market deals with central banks and coordinating with gold producers on market sales.

Nor would selling gold jeopardise the IMF’s financial stability. The Fund does not borrow on the market, so it does not need gold reserves to demonstrate its creditworthiness. Moreover, it has exceeded its precautionary balances target of around $35 billion, a figure that does not count its gold reserves. Lastly, the vast majority of the IMF’s gold would remain untouched. If anything, these sales would strengthen the Fund’s financial stability by improving developing countries’ ability to repay their debts.

It is hard to imagine a more cost-effective solution to widespread foreign-aid cuts than the IMF selling a small share of its gold at no risk to its financial health and at no cost to its donors. That would be true even if the price of gold had not reached new heights. The fact that it has means that finance ministers and central bankers should act with a sense of urgency when they gather at the annual meetings of the IMF and the World Bank this month. There might never be a better time to dip into the Fund’s pot of gold. ©2025 Project Syndicate

Prime Minister Anutin Charnvirakul has confirmed that cracking down on online scam operations along the Thai-Cambodian border is one of Thailand’s key conditions in its ongoing dialogue with Phnom Penh.

The affirmation comes amid mounting international pressure – including a recent warning from South Korea that it could take military action against cross-border scammers.

As well, the United States has made a peace agreement between Thailand and Cambodia a condition of ongoing trade negotiations, according to reports from Washington.

President Donald Trump is reportedly planning to visit the Asean summit on Oct 26 and he is determined to preside over a signing ceremony between the two uneasy neighbours. Mr Anutin said Thailand had made it clear to Cambodia that decisive action against scam syndicates is essential for restoring mutual trust.

‘The suppression of scammers is one of the conditions Thailand has put forward,’ he said on Tuesday, adding that the issue is now central to bilateral negotiations.

The prime minister noted that several countries, including South Korea and China, have pressed Cambodia to dismantle scam compounds operating inside its territory, which have reportedly made victims of thousands of foreign nationals.

When asked about Seoul’s threat to deploy its military to combat scammers in the region, Mr Anutin said Thailand would continue to assert its sovereignty.

‘We have our own jurisdiction. If the four key points that the foreign minister will raise in the upcoming meeting are resolved, the threats to our national security will be greatly reduced,’ he said.

Army has ‘full authority’

Mr Anutin also reiterated his view that the First Army Region was empowered under martial law to dismantle illegal Cambodian structures that encroach upon Thai soil in contested villages in Sa Kaeo province.

‘The army has full authority to act within the area of concern,’ he said, adding that the government fully supported military decisions taken to safeguard Thai territory.

He was responding to Cambodian criticism that Thailand’s recent use of ‘ghostly sounds’ – loud noise broadcasts along the border – violated human rights. The broadcasts have been staged and bankrolled by the flamboyant online crusader Guntouch ‘Gun Jompalang’ Pongpaiboonwet, with the army’s blessing.

Mr Anutin countered that cross-border rocket fire and drone incursions from Cambodia also constituted serious violations. ‘These are acts that endanger Thai citizens and infringe upon our sovereignty,’ he said.

Foreign Affairs Minister Sihasak Phuangketkeow, meanwhile, is preparing to hold a second round of talks with his Cambodian counterpart in Kuala Lumpur on Friday.

He said Thailand would stick to four key principles in the negotiations, including commitments to border demarcation, demilitarisation, anti-crime cooperation and demining.

Mr Sihasak added that Bangkok was focused on maintaining calm along the frontier and promoting bilateral dialogue. ‘Anything that helps create a positive atmosphere for talks is what we should aim for,’ he said.

He said Thailand recently met with Malaysia, the US and Cambodia and emphasised the importance of adhering to the ceasefire pact and addressing cross-border criminal activities through mutual cooperation.

Flooding remains in 15 provinces on Tuesday, mostly on the Central Plain, with water levels being either stable or lower.

The Department of Disaster Prevention and Mitigation reported flooding in eight provinces on the Central Plain:

Uthai Thani in Muang district with lower floodwater

Chai Nat in Sapphaya district with stable flood levels

Sing Buri in In Buri, Phrom Buri and Muang districts with stable flood levels

Ang Thong in Pa Mok, Wiset Chai Chan, Chai Yo and Muang districts with stable flood levels

Suphan Buri in Muang, Bang Pla Ma, Song Phi Nong, Don Chedi, Doembang Nangbuat, U Thong, Nong Yasai, Sam Chuk and Dan Chang districts with stable flood levels

Ayutthaya in Sena, Phak Hai, Bang Ban, Bang Sai, Bang Pa-in, Phra Nakhon Sri Ayutthaya, Mara Rat, Bang Pahan, Ban Phraek, Tha Rua, Nakhon Luang and Ban Sa-ai with stable flood levels

Pathum Thani in Sam Khok and Muang districts with lower floodwater

Nakhon Pathom in Bang Len, Sam Phran and Nakhon Chaisri districts with stable flood levels.

Ayutthaya had the most affected households, 50,026, of any of the 15 inundated provinces nationwide.

In the North, flooding was in four provinces:

Phitsanulok in Wang Thong, Bang Rakam and Noen Maprang districts with lower floodwater

Sukhothai in Muang, Sri Samrong and Sawankhalok districts with lower flood levels

Phichit in Sam Ngam, Pho Thale, Pho Prathap Chang, Bung Narang, Bang Mun Nak, Thap Khlo, Muang, Dong Charoen, Sak Lek, Wan Sai Phun, Taphan Hin and Wachira Barami districts with lower floodwater

Nakhon Sawan in Chumsaeng, Muang, Phaisali, Phayuha Khiri, Krok Phra and Tha Tako districts with stable flood levels

In the Northeast, flooding was reported in:

Ubon Ratchathani in Muang, Warin Chamrap, Phibun Mangsahan, Sawang Wirawong, Trakan Phuetphon and Don Mot Daeng with stable flood levels

Udon Thani in Muang, Phibun Rak, Sang Khom, Nong Han, Ban Dung, Phen, Kut Chap, Nong Wua So, Kumphawapi and Na Yoong districts with stable flood levels

In the East, only Chachoengsao was flooded, in Bang Nam Prieo district, and the water level was falling.

The cabinet on Tuesday reshuffled 45 high-level officials at the Interior Ministry – chiefs of provincial and local administration and land departments, as well as provincial governors.

Many of them were returned to positions they held before being moved out by the past government.

Government spokesman Siripong Angkasakulkiat said the promotions and transfers filled positions left open by retirement and corrected injustices to some officials who were unfairly treated in three previous reshuffles in only one month.

Prime Minister Anutin Charnvirakul, who is also the interior minister, denied the latest reshuffle reflected the fight between his Bhumjaithai Party and the Pheu Thai Party, which led the past government and until recently controlled the Interior Ministry.

He said the reshuffle was proposed by the interior permanent secretary. He only put it on the cabinet’s agenda. The permanent secretary did not seek his advice on the matter, the prime minister said.

Late last month, Mr Anutin told the parliament that Pheu Thai needed the Interior Ministry because a general election was near.

Tuesday’s changes focused on the provincial governors of Nong Bua Lam Phu, Chai Nat, Ang Thong, Chiang Mai, Ayutthaya, Si Sa Ket, Chiang Rai, Chachoengsao, Surat Thani, Uttaradit, Nonthaburi, Nakhon Phanom, Phetchaburi, Phuket, Khon Kaen, Sing Buri, Uthai Thani, Ubon Ratchathani, Nakhon Sawan, Samut Prakan and Rayong.

The cabinet resolution also affected the position of the chief of the Land Department. Pornpoth Penpas returns as director-general of the Land Department after being made a deputy interior permanent secretary last August. The Land Department is at the heart of the controversy over ownership of a large area of land near Khao Kradong in Buri Ram province, which is the political stronghold of Mr Anutin’s Bhumjaithai Party.

To make way for Mr Pornpoth’s return as land department chief, Kachornkiat Rakpanichmanee becomes the governor of Khon Kaen province.

Tuesday’s cabinet resolution also made Narucha Khosasivilai, currently interior inspector-general, the director-general of the Department of Provincial Administration. In his earlier posting he was the governor of Buri Ram province.

Surat Thani governor Theerayut Supawibulpol becomes the director-general of the Department of Local Administration.

Authorities have started drafting a new version of the power development plan (PDP), focusing on the nation’s long-term power supply management amid a surge in solar power, says the Energy Policy and Planning Office (Eppo).

The issue is being discussed by energy officials who plan to introduce the PDP in 2026, said Wattanapong Kurovat, director-general of Eppo.

Thai power producers in the independent electricity supply category have increased, especially businesses developing solar power generation facilities for their own usage.

Solar power gained popularity as electricity bills soared and the prices of solar panels decline.

The proportion of solar power in the country’s total electricity supply sharply increased to more than 2 gigawatts last year, up from a few kilowatts from 2015-2018.

This makes it difficult for energy officials to calculate a steady supply of electricity via the grid when solar power generation capacity drops as sunlight vanishes on cloudy days, said Mr Wattanapong.

Thailand needs back-up power systems to support more uses of solar power, which is an intermittent source of energy, he said.

Another issue is solar power generation facilities coming to the end of their service in the future, which requires back-up electricity systems to be well-managed or else Thailand could face economic damage, said Mr Wattanapong.

Thailand wants to avoid the widespread blackouts that occurred in parts of Spain and Portugal earlier this year, believed to result from a failure to ensure a steady supply of electricity as Spain depends greatly on renewable energy sources.

Another issue for the draft is Thailand’s economic growth outlook, he said.

The National Economic and Social Development Board asked energy authorities to revise electricity demand forecasts due to modest economic growth projections. Electricity consumption has stagnated despite electric vehicle usage and investment in data centres.

In another development, the Energy Regulatory Commission (ERC) expects the power tariff, which is used to calculate electricity bills, to remain unchanged at 3.94 baht per kilowatt-hour during the first four months of next year. The prices of imported liquified natural gas, a key fuel for power generation in Thailand, should not significantly fluctuate despite greater gas demand in the winter, noted the ERC.

Rodtang Jitmuangnon may have meant it as a joke – but Aslamjon Ortikov didn’t see the funny side.

The former ONE flyweight Muay Thai world champion caused a stir over the weekend after telling reporters he could ‘fight both’ Ortikov and Akif Guluzada at the same time, so long as ONE Championship CEO Chatri Sityodtong gave him ‘a large fight purse.’

The comments came backstage at ONE Friday Fights 128 at Bangkok’s Lumpinee Stadium, where Rodtang was supporting his sister-in-law Duangdawnoi Looksaikongdin, who scored a unanimous decision win over Kim Irvine on her promotional debut.

When asked about two of the division’s fastest-rising stars – Guluzada and Ortikov – Rodtang smiled and played to the cameras.

‘I’m sorry everyone, I’m not that good,’ he said, half-laughing. ‘I can fight with anyone, Boss (Chatri) – please give me a large fight purse.

‘I’m not that great, interviewers, I’m not good. I can take them both on even, but Boss, please give me a large fight purse.’

When pressed whether he meant three rounds each, the 28-year-old grinned.

‘I’ll do it for Boss Chatri. I just want a large fight purse, that’s all,’ he reiterated. ‘I’m almost 29 – I don’t know how many more years I’ve got left fighting. Please, Boss, a large fight purse. I’ll take on both of them. If I lose, it’s not too serious – just make sure the contract has that much money.’

The laughter in the room made it clear to most that Rodtang was joking. But the humour didn’t translate online.

Shortly after his light-hearted words surfaced, Ortikov – the 22-year-old Uzbek rising star who recently made his main-roster debut with a statement win over Kongthoranee Sor Sommai at ONE Fight Night 36 – posted on social media that he had ‘lost respect’ for the Thai superstar, despite some meaning potentially being lost in translation.

‘I talked with many Thai people about this to make sure, and they all said the same thing,’ Ortikov told the Bangkok Post. ‘I respected him more than enough, but this was the level of disrespect from him.

‘But if it was just a joke for the media,’ he added, with a wink emoji, ‘then mine was too.’

Ortikov’s reaction came after a rapid rise which has seen him secure a US$100,000 ONE contract and vault himself into the promotion’s official flyweight Muay Thai rankings.

Guluzada, meanwhile, continued his own ascent on the same card as Ortikov this month, with a victory over Jaosuayai, making both men legitimate contenders in one of ONE’s deepest divisions.

Rodtang will have little time to dwell on the misunderstanding. The Thai superstar returns to action on November 16 at ONE 173 in Tokyo, where he faces Nong-O Gaiyanghadao for the vacant flyweight Muay Thai world title.

Should he reclaim the belt he lost on the scales last year, then Ortikov or Guluzada could very well be his next contender.

Dry Wave Cocktail Studio leads the pack as the Bangkok Bar Show Awards and Thailand 20 Best Bars 2025 were announced on Monday.

The event brought the country’s bartenders, bar teams and drinks industry leaders for a night that celebrates Thailand’s thriving cocktail culture.

Dry Wave Cocktail Studio leads the charge with wins for Best Bar in Bangkok, Best Bar in Thailand and Bar Team Of The Year. Supawit “Palm” Muttarattana once again claims Bartender of the Year, affirming his position as one of Asia’s most respected bar figures.

The competition was fierce this year, with Bar Us, G.O.D. and Opium emerging as strong contenders and redefining Bangkok’s cocktail landscape with distinct creative identities.Wasteland won Best New Bar, while F*nkytown got Best Restaurant Bar. Regional talent shone bright, with Bar.San named Best Bar in Chiang Mai and The Fool Speakeasy Phuket taking Best Bar in Phuket/Samui.

The Art of Hospitality Award went to BKK Social Club, and James Kosil Kamja of Lennon’s was named Emerging Bartender of the Year. The Best Wine Bar, a new award category, went to Mod Kaew Wine Bar.

Thailand’s 20 Best Bars 2025 are: 1. Dry Wave Cocktail Studio2. Bar Us3. G.O.D. (Genius On Drugs)4. Opium5. BKK Social Club (Best Hotel Bar)6. Last Call BKK7. Vesper Cocktail Bar8. Bar Sathorn9. Firefly Bar10. Bar.San (Best Bar in Chiang Mai)11. Messengerservice Bar12. Bar Not Found13. Mahaniyom Cocktail Bar14. Wasteland (Best New Bar)15. Tep Bar16. Black Cabin17. F*nkytown (Best Restaurant Bar)18. 1970 Dusit Thani19. Aqua Bar20. The Fool Speakeasy Phuket (Best Bar in Phuket/ Samui)

The Tourism Council of Thailand (TCT) views the Finance Ministry’s stimulus package as crucial to reviving tourism in second-tier cities, which has worsened from last year.

Ratchaporn Poolsawadee, vice-president of the TCT, said the outlook in second-tier cities is worse than for major cities, as arrivals declined because of perceptions of an unsafe travel image, border skirmishes, a sluggish economy and the strong baht.

For provinces bordering Cambodia, tourism operators are struggling to restore the flow of visitors as the border dispute remains tense, said Mr Ratchaporn.

He said the corporate tax exemption for meetings and seminars in second-tier destinations as well as the domestic tourism subsidy campaign should help draw local tourists, particularly those with high spending power, to the provinces.

However, the council urged authorities to assure participants that systems have been prepared for these campaigns so they are seamless and user-friendly, attracting as many tourists as possible.

The systems should not cause inconvenience, as happened with the previous domestic co-payment scheme handled by the Tourism Authority of Thailand, said Mr Ratchaporn.

He said the tax incentive programme for hotels to renovate as green properties aligns with the sustainable tourism trend. Very few hotels and accommodations can earn green certifications, making the country lose competitiveness, said Mr Ratchaporn.

Many operators, particularly small and medium-sized tourism businesses, would like to transform their operations to become more sustainable, though this requires considerable expenses, he said.

Meanwhile, more corporate and leisure travellers are demanding environmentally friendly tour packages and accommodations.

Thai gold traders are warning investors to shop wisely after bullion surged for the eighth consecutive week, buoyed by renewed fears of a US-China trade war, the ongoing US government shutdown and increased prospects of a Federal Reserve interest rate cut.

Gold prices moved past $4,100 an ounce to a fresh record high on Tuesday, bolstered by geopolitical and economic uncertainties, rate-cut expectations, strong central bank buying and robust exchange-traded fund (ETF) inflows.

The local price soared by 1,150 baht per baht-weight (15.2 grammes) in early morning trade on Tuesday. After nearly 30 price adjustments, gold bar was quoted at a record high of 64,200 baht, according to the Gold Traders Association, which described the rally as ‘a new all-time high almost every day’.

The online gold trader Intergold cautioned the rapid ascent could spark short-term profit-taking.

However, investor enthusiasm remains strong, underscoring gold’s role as a popular asset in times of political and market turbulence.

The company forecasts a short-term target of $4,200 per ounce and a long-term goal of $5,000, which could lift Thai gold to 70,000 baht by 2026.

Intergold suggests short-term traders gradually lock in profits, while long-term investors may accumulate on dips of $50-100 in the world price.

Safe-haven demand

The latest rally was triggered by renewed tension between Washington and Beijing after US President Donald Trump announced a 100% import tariff on Chinese goods, effective Nov 1, with a possible expansion to include ‘all critical software’.

The move was in retaliation for China’s export controls on rare earth minerals, which are vital for industries such as electric vehicles, defence and semiconductors, markets where China dominates roughly 70% of global supply.

Within hours of Trump’s announcement, US equities lost more than $2 trillion in market value, amplifying global risk aversion. China condemned the move as ‘deceptive and hypocritical’, arguing its measures were for national security, not economic leverage.

Analysts believe Beijing’s restrained reaction could suggest room for renewed dialogue, though investors remain cautious ahead of an expected Trump-Xi Jinping summit later this month.

Meanwhile, the US government shutdown has entered its third week, with no signs of progress in Congress.

Trump is using the impasse to push for deep budget cuts to Democrat-backed social programmes, further rattling market confidence.

The Office of Management and Budget said it has begun formal ‘Reduction in Force’ procedures, with potential layoffs across key federal agencies.

Investors are monitoring the debate over the Republican budget proposal to seek clarity on fiscal policy.

The market now expects a 99% chance of a 25-basis-point cut to the policy interest rate by the Fed in October, and a 94% likelihood of another 25bps cut in December. Non-yielding gold tends to do well during period of low interest rates.

The World Gold Council reported that gold ETFs attracted 619 tonnes of inflows during the first nine months of 2025, lifting total holdings to 3,838 tonnes, 2% below the record high set in 2020.

The rebound, following four years of outflows, signals a strong return of investor confidence.

Analysts expect ETF holdings to surpass 4,000 tonnes by year-end for the first time in history, reinforcing bullish momentum.

Momentum persists

The Bangkok-based gold trader Hua Seng Heng anticipates prices will continue rising, testing $4,160 an ounce before easing in later stages.

Support is estimated at $4,115 before returning to a new round of price increases, its researchers wrote.

‘If the price falls below $4,100, a short-term price consolidation could be expected,’ they said.

Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research, foresees prices hitting $6,000 next year, according to Hua Seng Heng.

The outlook for gold remains decisively bullish, supported by macroeconomic uncertainty, geopolitical tension and persistent ETF inflows.

Yet investors should maintain discipline, manage risk carefully, and resist greed as even the brightest bull runs can invite sharp corrections, say analysts.