Category: The Bangkok Post

The finance minister has confirmed his readiness to launch domestic tourism stimulus measures on Oct 29, in an effort to entice 1.15 trillion baht in domestic travel revenue and accelerate Thailand’s economic recovery.

The ministry is expected to submit a series of domestic tourism stimulus packages to the economic cabinet on Wednesday, then send them to the cabinet on Oct 21 for approval.

“The tourism measures will be enacted simultaneously with the ‘Khon La Khrueng Plus’ co-payment scheme from Oct 29 to Dec 31”, said Finance Minister Ekniti Nitithanprapas.

“Enacting both the co-payment and tourism stimulus measures at the same time will make the country’s economy more lively.”

Under the administration’s “Quick Big Win” framework, which seeks short-term results that can lead to long-term sustainable development, the domestic tourism stimulus package is expected to lift GDP, said Mr Ekniti, also a deputy prime minister.

TOURISM STIMULUS

Under the scheme, he identified three measures to quickly stimulate the local tourism industry.

First is a package for seminar-driven tourism in secondary cities. Government organisations and state-owned enterprises are entitled to a corporate income tax exemption for expenses for organising seminars for their employees in areas designated as secondary tourism provinces, or other tourism areas as prescribed by the government.

Mr Ekniti said funds for the seminar stimulus will be reallocated from an amount of 7 billion baht in fiscal 2025’s third-quarter budget.

Second, the “Thai Travel Thai” or tourism within Thailand measure allows taxpayers who travel to second-tier cities from Oct 29 to Dec 31 to deduct an undetermined amount of actual expenses for tour packages and hotel accommodation from their personal income tax filings.

The final measure is incentives for hotel renovation. All hotels reinvesting in their properties, particularly for upgrades in energy efficiency or general refurbishment, will gain tax incentives, he said.

The measure is designed to lift the hotel industry, support economic development, and encourage sustainable building practices, said Mr Ekniti.

The Finance Ministry is working to determine additional details, especially the amount of tax incentives available for deduction.

CO-PAYMENT PLUS

The Khon La Khrueng Plus co-payment scheme, with a budget of 44 billion baht, is expected to bolster GDP in the fourth quarter by at least one percentage point, he said.

The scheme provides 20 million entitlements, with the government contributing half of the spending, while individuals must contribute 44 billion baht themselves, injecting a projected 88 billion baht into the economy.

The subsidy for taxpayers increases to 2,400 baht, up from the general subsidy of 2,000 baht.

The scheme runs from Oct 29-Dec 31, and those who registered but have not used their entitlement must make their first transaction by Nov 11 to retain their eligibility.

The government also approved a top-up for 13.4 million welfare card holders of 1,700 baht each, funded by another budget allocation of 23 billion baht.

This means by year’s end, around 111 billion baht will have been mobilised to stimulate the economy, which is expected to raise GDP by 0.3-0.4 percentage points this year, said Mr Ekniti.

TOUGH DECISION

He also revealed that he took several days before deciding to accept the prime minister’s invitation to become finance minister.

“The invitation resulted in very serious consideration. I discussed it with my wife a lot, acknowledging that taking the post would completely change my lifestyle,” said Mr Ekniti.

“Eventually I decided to accept the job to further the national interest, as Thailand desperately requires economic and fiscal policy restructuring to adapt to new economic conditions, as well as to address issues such as the middle-income trap, debt crises, and the need for greater digitalisation.”

PRECARIOUS ECONOMY

He acknowledged Thailand is in a “precarious situation”, as the nation continues to deal with a high debt ratio and rising household debt.

There is a dire need for a “policy menu for financial recovery” to address the structural obstacles to economic growth and shape a vibrant recovery, said Mr Ekniti.

Furthermore, the International Monetary Fund warned of the need for prudent fiscal policies for long-term stability, while Fitch Ratings noted mounting external headwinds and political uncertainty, leading it to downgrade Thailand’s credit rating outlook to negative from stable last month.

The government is implementing reforms to attract new growth sectors, such as electric vehicles and high-tech manufacturing, aiming to revitalise the economy and address these pressures.

“A failure to make significant progress in the next five years could lead to continued economic struggles and a missed opportunity at future prosperity,” he said.

“Meanwhile, a prolonged period of stagnation could adversely fuel public discontent and social unrest.”

An obstacle for renewable power and ageing fossil fuel-fired power plants is presenting a new revenue channel for power companies, with SET-listed power producer Ratch Group driving growth by selling “inertia” to a customer in Australia.

Inertia, provided by synchronous condenser technology, refers to the grid’s ability to resist sudden changes in power frequency and maintain a stable electricity supply.

Through inertia sales, Ratch contributes inertia to the grid, enhancing grid stability and helping prevent blackouts, which is a growing concern as more solar and wind power are integrated to meet rising clean energy demand.

STUMBLING BLOCK

Like other countries, Australia is promoting the use of clean energy and finding ways to ease some of the downsides.

The sun and wind are intermittent sources of energy, unable to ensure a steady supply of electricity due to uncertain weather patterns.

“A more technical term is renewable energy lacks the moment of inertia,” said Nitus Voraphonpiput, chief executive of Ratch, a power generation arm of Electricity Generating Authority of Thailand.

By converting part of its 25-year-old Townsville Power Station in Queensland to a synchronous condenser, the company contributes inertia to the grid system, helping power transmission operator Power Link provide a continuous supply of electricity.

“It’s the first power plant in Australia repurposed to have a synchronous condenser,” said Mr Nitus.

The plant continues to sell electricity, while selling inertia simultaneously to earn extra money.

Ratch spent A$32 million installing a synchronous condenser, which started operations on Aug 10, and it projects earnings of $6.8 million a year.

Under a new agreement signed with power company QPM Energy Ltd, Ratch can operate the Townsville Power Station for another 10 years after its original 25-year power purchase agreement with QPM expired on Feb 6 this year.

“I believe Thailand will have similar synchronous condensers in the future,” he said, adding the US also converted old power plants to synchronous condensers.

Germany and Saudi Arabia are also utilising synchronous condensers, according to media reports.

Ratch has not planned to convert its ageing power plants in Thailand to synchronous condensers, as it is awaiting the right time when the downsides of renewable energy usage in the country become clearer, said Mr Nitus.

The Thai government is promoting renewable energy, which comprised 22% of all energy production in 2024. The country cannot avoid this stumbling block as it aims to be less dependent on fossil fuels in its campaign against climate change, he said.

“If the renewable power proportion exceeds 30% or 40%, then we will start devising a synchronous condenser plan,” said Mr Nitus.

CASSETTE TAPE

Though grid operators can use a battery energy storage system (BESS) to deal with this obstacle, Ratch sees a business opportunity with synchronous condensers, which he compared to a cassette tape.

The company invests in many energy assets in Australia, and is developing new BESS projects. Ratch also is fond of synchronous condensers, which form part of the Australian government’s grid security policy.

A synchronous condenser is not a new invention — the technology is used in conventional power plants. Coal and gas-fired power plants as well as biomass-based power facilities are equipped with features to add inertia and control electricity voltage at appropriate levels.

“This is like a cassette tape that should have been discarded, but it was brought back into use again,” said Mr Nitus.

A synchronous condenser’s moment of inertia — essentially its resistance to changes in motion — helps to maintain the grid’s electrical frequency when there is a sudden drop in power supply.

“It’s like tossing a small stone onto the ground,” said Sahachthorn Putthong, chief executive of Ratch-Australia Corporation, who threw a pebble in front of the company’s synchronous condenser.

“The stone tries to maintain speed while moving, but it faces friction on the ground.”

BESS can also prevent outages, offering functions to add inertia and maintain voltage levels, but it requires higher investment.

“A synchronous condenser can make use of our old assets,” said Mr Nitus, adding that enhancing the value of ageing power plants is part of Ratch’s business strategy.

The 234-megawatt Townsville Power Station uses both gas and steam turbines to generate electricity, supplying power to 33,106 households a year.

“The facility has now become a hybrid business, selling both electricity and inertia,” he said.

SPRINGBOARD

Ratch is seeking new business ventures, including sustainable aviation fuel (SAF), other than its core businesses directed by Thailand’s power development plan (PDP).

Authorities are drafting a new PDP with a greater focus on renewable energy, which could shape Ratch’s business path over the long term, said Mr Nitus.

The company aims to increase its renewable energy proportion to 30% of total power generation capacity by 2030, up from 16% at present.

“However, the Thai PDP has been delayed for a while. If we wait for its completion, we will lose opportunities,” he said.

Ratch needs new partners to give it a springboard to diversify from its power businesses and develop new revenue channels, said Mr Nitus.

SAF is a biofuel for aircraft, and Ratch wants to invest in this business abroad.

“Overseas investment is preferable because Thailand already has big players in the SAF business,” he said.

Some 32% of Ratch’s total revenue of 2.9 billion baht in the first half of this year came from foreign countries, while 68% was from domestic sources.

The next phase of the government’s popular economic stimulus programme, “Khon La Khrueng Plus” — which is slated to be launched at the end of the month — has drawn mixed reactions across the country.

The Khon La Khrueng Plus offers an estimated 33 million beneficiaries between 2,000 and 2,400 baht per person, with usage capped at 200 baht per day over a period of up to two months.

The government believes the scheme will inject much-needed funds into the economy by spurring consumption at the grassroots level.

While the initiative has been generally praised by the public, enthusiasm for the next phase of the programme has been significantly tempered by concerns over taxation and the system’s ability to offer timely payouts for workers in the public transport sector, which has just been included in the initiative.

For some merchants, the scheme presents a genuine dilemma, pitting short-term gain against long-term risk.

Merchants fear taxes

In Khon Kaen, many small-scale food vendors readily acknowledge the programme’s benefits.

Anan Thongmaen, a 26-year-old soymilk stall owner, said he was keen to join the programme, calling the scheme an excellent economic boost.

Similarly, Sirimat Sirimuangrat, a grocery stall owner, praised its ability to increase sales and attract new customers.

However, she said that many merchants fear being hit by unexpected tax bills on sales made through the scheme.

“In the previous round, there was an issue regarding retrospective tax collection, even though the condition for collecting tax was not stipulated initially,” she said.

“If the government can assure us that there will be no taxes [on goods sold through the scheme], more merchants would definitely be interested.”

The fear of getting hit by unexpected taxes has caused many small merchants to think twice about signing up for the programme.

Among them is Duangporn Thoranong, a 59-year-old food stall owner who said she was hesitant to join this round because many merchants had complained about excessive taxes in the first phase of the scheme.

Since her shop operates on thin margins, she said, the prospect of an unexpected tax bill is too great a risk.

She implored the government not to mislead merchants and to implement the programme without complex conditions, underscoring the severity of their economic struggle.

“Merchants are struggling to survive,” she said.

For some, a lifeline

Meanwhile, a grocer in Phatthalung told the Bangkok Post that the co-payment stimulus is perfectly timed, as over 90% of rubber tappers in the South lose their primary income during the rainy season.

The subsidy immediately translates into stability for families. Rohah Chitnaree, a dessert vendor, said the measure will allow her and other welfare cardholders to purchase essentials that can sustain a small household for the entire month.

The anticipated injection of cash is already affecting local supply chains, with rice agents reportedly stocking up “large lots of rice, worth millions of baht, to meet this demand”, she said.

Korn Suriyapan, President of the SME Federation for the Southern Border Provinces, called the programme “a necessary mechanism” to drive the economy, arguing that in the face of weak purchasing power and stagnant private investment, the government must serve as the primary driving force.

However, Assistant Professor Wiwat Jankingthong from Hatyai University’s Business Innovation Research Centre said while direct stimulus certainly can help grassroots economies, consumers would appreciate debt relief, new measures to bring down high energy costs, and fresh efforts to boost domestic tourism.

Drivers voice concern

The latest iteration of the Khon La Khrueng Plus scheme includes public transport for the first time — a move that brings millions of daily commuters into the fold but exposes serious logistical flaws for service providers.

In Nakhon Ratchasima, Surachat Dechanuphanon, a motorbike taxi driver, described the scheme as a “double-edged sword”. While he expects customer numbers to rise, he shares the tax concerns voiced by small merchants.

He also highlighted the digital divide, noting that older drivers who are not familiar with the applications needed to access the programme will inevitably struggle to join the scheme.

The most significant pain point for drivers is cash flow. Pitak Foithongpromrat, a tuk-tuk driver, articulated the challenge facing transport workers.

“If a customer uses the Khon La Khrueng privilege to pay for the service, it’s even worse, because I only get half the money from the customer immediately. The other half must be claimed from the bank, and I don’t know how many days it will take for the money to be credited,” he said.

“If I have to wait, I won’t have the money to fill up my fuel tank. Everything will be disrupted,” he said.

Not all opinions were negative, however. Boonyang Sirisuk, another motorbike taxi driver, found the digital payment process convenient, noting that scanning to pay is easier than dealing with cash change for cheap fares.

Another driver, Somchai Chanthakoot, said he thought the programme would lead to increased income.

The Bangkok condo market is expected to rebound in 2027, as sluggish conditions are likely to persist through next year and the expected general election, according to property consultancy Cushman and Wakefield Thailand.

Surachet Kongcheep, head of research at the consultancy, said condo developers will likely remain cautious heading into 2026, hoping a new government will restore economic confidence and revive homebuying sentiment.

“The condo market recovery will have to wait until 2027, as a general election in mid-2026 will keep market conditions largely unchanged from this year,” he said. “The economy will remain sluggish.”

The market slowed over the first nine months of this year, with new launches totalling 13,504 units, flat year-on-year. Total new supply is expected to reach 17,000 units by year-end, similar to last year, noted the firm.

Mr Surachet said developers are focusing on clearing unsold inventory, particularly completed projects ready for transfer. Tens of thousands of these unsold units remain in the market nationwide, with a combined value exceeding 100 billion baht.

“The greatest challenge for developers is buyers’ inability to secure mortgages,” he said. “Banks now assess not only individual applicants, but also their employers’ financial performance and even the repayment records of colleagues who are also bank customers.”

The condo market can no longer rely solely on domestic demand, as Thailand’s population is shrinking, noted Mr Surachet.

From 2026, Thais born before 1971 — the first year the country’s birth rate began to decline — will start entering retirement and are unlikely to purchase new homes.

“Developers are increasingly targeting foreign buyers, partnering or forming joint ventures with overseas agencies to tap markets such as China, hoping demand from Chinese buyers will rebound next year,” he said.

Sentiment among Chinese buyers has improved, as previous misconceptions about safety in Thailand have eased considerably, said Mr Surachet.

“Although some Chinese buyers shifted their focus to other countries this year, Thailand consistently ranks among their top choices, and is often No.1 when it comes to purchasing residential properties,” he said. “The main issue has been financial as China’s property market has yet to recover, but the situation is gradually improving.”

According to Cushman and Wakefield Thailand, new condo launches in Bangkok in the third quarter this year tallied 6,618 units, with average prices rising to 131,419 baht a square metre from 89,500 baht in the previous quarter.

Most of the new units were located along skytrain routes, while many developers opted for soft launches, releasing a limited number of floors for presale to gauge buyer interest before proceeding with official project launches.

“New condo projects this year are no longer focused on selling out during the launch period or achieving 60% sales within the first year,” said Mr Surachet. “Developers are shifting to long-term strategies that reflect more subdued market conditions.”

Jetts Fitness, Thailand’s No.1 24-hour fitness chain, continues its strong growth momentum with the opening of a brand-new club at Future City Rangsit, marking its 54th location nationwide. This milestone underscores Jetts’ commitment to raising fitness standards in Thailand to align with global benchmarks.

Mr Mike Lamb, Chief Executive Officer of Jetts Fitness Asia, stated: ‘The opening of our 54th club at Future City Rangsit represents another significant step forward. This location is rapidly growing in popularity and offers strong potential, making it the perfect fit for Jetts. The launch of this new club is not simply about adding another branch, but about reinforcing our clear ambition to remain the leading fitness brand in Thailand. We are committed to continuously enhancing our equipment, service quality, hygiene standards, and introducing new programs for our members. Our expansion goal is to reach 70 clubs by 2026 and grow to 100 clubs nationwide in the near future-ensuring that everyone in Thailand has access to world-class fitness anytime, anywhere.’

At the event, Jetts Fitness also announced that it will become Thailand’s official HYROX Training Center starting in the fourth quarter of this year. With world-class facilities and equipment, the centre will cater to both professional athletes and fitness enthusiasts preparing for HYROX-the global benchmark in Functional Fitness competitions. This designation not only elevates Jetts’ standards but also diversifies the training programs available to members.

Another highlight is the launch of Les Mills Yoga for the first time in Thailand, exclusively at Jetts Fitness. This innovative program combines physical and mental training in perfect balance, offering members a holistic approach to health and well-being.

Mr Lamb further added: ‘Over the years, Jetts Fitness has partnered with government bodies, private organisations, and the Thai sports industry to promote fitness and healthier lifestyles across the nation. For us, fitness is not just a trend-it is about building long-lasting strength and well-being for everyone. At today’s launch, we were honoured to welcome executives and professional players from True Bangkok United Football Club, who shared their experiences and showcased athletic performance, emphasising the importance of physical fitness not only for athletes but for society as a whole.’

The opening of Jetts Future City Rangsit is more than just an expansion-it reinforces Jetts Fitness’ position as the true leader in health and fitness in Thailand.

Central Restaurants Group Co., Ltd. (CRG) is strengthening its position in the Japanese dining market with a bold rebranding of Ootoya, elevating the brand into the premium segment. The new flagship store, OOTOYA TOKUSEN, now open on the 6th floor of CentralWorld, caters to health-conscious, premium customers while redefining the authentic Japanese dining experience in Thailand.

Thirawat Loetthiraphan, Head of Asian Cuisine, Central Restaurants Group Co., Ltd. (CRG), said: ‘The launch of OOTOYA TOKUSEN marks a significant milestone in Ootoya’s transformation and paves the way for full-scale growth in the premium dining segment. Thailand’s Japanese restaurant market continues to show strong potential, particularly among younger consumers who value both quality and worth. This rebranding enhances the overall dining experience and strengthens Ootoya’s position as a premium, health-focused Japanese restaurant while staying true to its authentic roots. The new menu highlights authentic Japanese dishes crafted with carefully selected ingredients, ensuring freshness and quality in every dish. Complementing the cuisine is a contemporary restaurant design that embodies the new era of Ootoya.’

The concept of ‘OOTOYA TOKUSEN’ draws inspiration from the Japanese characters ? (Toku), meaning ‘special,’ and ? (Sen), meaning ‘selected.’ Together, they reflect Ootoya’s commitment to curating the finest ingredients for a truly distinctive dining experience.

The highlight of the launch is the Premium Set Menu, introducing eight new dishes thoughtfully crafted with health and balance in mind-from appetisers to desserts. Each set offers both variety and nutrition while preserving authentic Japanese flavours. Staying true to Ootoya’s tradition, every meal includes unlimited rice and complimentary hot or cold green tea, reaffirming the brand’s hallmark hospitality.

OOTOYA TOKUSEN Menu Highlights

Charcoal-Grilled Shima Hokke Tokusen Set (THB 679) – Premium deep-sea Shima Hokke, charcoal-grilled to perfection for a rich, smoky aroma, served with Hijiki seaweed rice for a wholesome balance of flavours.

Charcoal-Grilled Salmon Ochazuke Tokusen Set (THB 499) – A comforting, nutritious Ochazuke dish featuring tender salmon over rice, paired with savoury dashi soup.

Negi Toro Hamburg Donburi Tokusen Set (THB 599) – A flavourful Negitoro-style hamburger topped with a rich pickled egg yolk sauce for perfect harmony of taste and texture.

Hida Wagyu A5 Sukiyaki Tokusen Set (THB 759) – Premium Japanese A5 Wagyu beef, freshly prepared on a traditional Hida grill, served with side dishes and premium sashimi for an indulgent dining experience.

Thailand’s Japanese restaurant market continues to expand steadily, with forecasts indicating over 3% year-on-year growth by 2025. In response to rising competition in the full-service dining sector, Ootoya is accelerating the rollout of the OOTOYA TOKUSEN format. The first flagship branches-at CentralWorld and Central Pinklao-are strategically positioned in prime destinations to serve premium customers seeking a new benchmark in Japanese dining.

The launch of OOTOYA TOKUSEN marks a pivotal step in elevating Ootoya’s brand image and redefining its customer experience. By blending authenticity, health-conscious menus, and a contemporary premium concept, Ootoya reinforces its position as a trusted and distinctive Japanese restaurant brand poised for growth in Thailand’s evolving premium dining market.

A woman employee at a Pattaya go-go bar has given police a tourist’s bag she found containing 9,700 Australian dollars, hoping it could be returned to its owner.

Chommanat Sing-oat, 42, works at the Queen Club go-go bar. She handed the bag in to Pattaya police station at 8.06am on Monday, saying she found it in front of the bar in the morning after returning there from having a meal with colleagues.

Inside the bag there was an Australian passport and A$9,700 in cash – worth around 200,000 baht.

Ms Chommanat said she hoped police could find the owner and return the lost bag and its contents.

Security footage from the bar showed a tall foreign man wearing a black shirt, black shorts and with a tattoo on his left leg sitting in front of the bar for a while, then departing and leaving the bag behind.

The Thai army has confirmed the discovery of two more anti-personnel landmines in a border area at Ban Nong Ya Kaeo in Khok Sung district of Sa Kaeo province, bringing the total to 9 active mines cleared since Oct 10.

An explosive ordnance disposal (EOD) team from the Burapha Task Force under the First Army Region on Tuesday morning found the POMZ-2 fragmentation-type anti-personnel mines at Ban Nong Ya Kaeo.

Both of the POMZ-2 devices were in operational condition and capable of detonation, said the task force.

The team successfully neutralised and removed the mines in accordance with standard procedures.

From Oct 10 to 14, EOD officers have discovered a total of nine active anti-personnel mines in the Nong Ya Kaeo area. These included six PMN-type fixed-position mines, one MN79-type mine, and two POMZ-2 fragmentation mines, which could be triggered by tripwires if installed, said the task force.

The POMZ series of mines, including the POMZ-2, originated in the Soviet Union and were first used in World War II. They have since been used in numerous conflicts around the world.

A recently placed anti-tank mine was also discovered in Ban Nong Ya Kaeo on the Cambodian border on Saturday, the army reported.

Busanan Ongbamrungphan lost to world champion Akane Yamaguchi in the women’s singles final of the US$475,000 (approx 15.2 million baht) BWF Arctic Open in Vantaa, Finland, on Sunday.

The Thai fourth seed went down 19-21, 16-21 in 43 minutes as top seed Yamaguchi picked up her third title of the year.

The Japanese star won her third world crown in Paris and also triumphed at the Korea Open last month.

For Busanan, it was her first final appearance in 13 months. The Thai also lost to Yamaguchi the last time she made it to a final — at the 2024 Japan Open.

Busanan’s defeat ended a disappointing Sunday for Thailand as Kunlavut Vitidsarn was beaten by Taiwan’s Chou Tien-chen in the men’s singles final earlier in the day.

Chou won the marathon decider, 21-11, 13-21, 21-19, in an hour and 17 minutes for his first title of 2025.

Prime Minister Anutin Charnvirakul has reaffirmed his government’s policy to hold a referendum on the proposed cancellation of the border MoUs with Cambodia, stressing that his administration “will never allow Thailand to be put at a disadvantage”.

Speaking at Bhumjaithai Party headquarters, Mr Anutin, who also serves as interior minister, told reporters that everything was being conducted in line with the stated policy.

The remarks came after Deputy Prime Minister Borwornsak Uwanno said he would soon convene a meeting to consider the legal framework for holding a referendum on the 2000 MoU on border demarcation between Thailand and Cambodia (commonly known as MoU 43) and another memorandum concerning overlapping maritime claims (MoU 44).

When asked how the process would move forward, Mr Anutin said both the House and Senate committees were conducting studies on the issue and that Mr Bowornsak would compile and summarise their findings. “There must always be a way forward,” the prime minister said.

Asked whether Thailand could unilaterally withdraw from the agreements, Mr Anutin said the matter must be carefully examined. “We must weigh all possible benefits and disadvantages,” he said. “But what I can assure you is that this government will never let Thailand lose out. I’ve made this clear — we have teams negotiating, studying and assessing the implications before any decision is made.”

The prime minister confirmed that the results of the studies from the ad hoc parliamentary committees chaired by Digital Economy and Society Minister Chaichanok Chidchob would be sent to the cabinet. “The cabinet will then assign someone — possibly the foreign minister, defence minister, or interior minister — to review and conclude the findings,” he said.

Mr Anutin said the process would proceed according to due process. He reiterated that the referendum plan was part of the policy announced to parliament and would continue until the committees’ studies were completed.