Political Party: Chart Pattana Kla’s economic policy

Chatrudee Theparat

The Chart Pattana Kla Party is defining its key policy aimed at economic reform in sectors in order to solve disparity in Thai society.

Chart Pattana Kla Party leader Korn Chatikavanij said the party’s economic policy will be finalized within two weeks, with the focus on economic reform in financial, energy, and tourism sectors in order to reduce disparity in Thai society.

Korn, a former investment banker and a former finance minister, has used his strong experience from the finance world to strengthen his political party. Earlier, the party urged banks to stop using the National Credit Bureau’s blacklist for loan approval. There were around 5-6 million Thais to be blacklisted by the bureau because they were once unable to loan repayment amid pandemic and a higher cost of living.

In order to assist those Thais to access credit from legal lenders, he proposed a “credit score” system that takes into account loan applicants’ incomes and daily spending like utility bills. However, the government needs to amend the law of the National Credit Burau to allow the agency to access data of account loan applicants.

He proposed the government should approve more new licenses to digital banks following a footstep of Singapore digital banks. Singapore’s digital banks have no branch and offer lending by using data to evaluate risks. Currently, Grab Company in Singapore won license for digital bank and currently is offering lending to its employees.

Mr Korn said the cost of digital bank gets more competitive than conventional banks due to having no branch. Then, digital banks can offer better credit with low interest rate for small and medium enterprises.

Chart Pattana Kla Party leader Korn Chatikavanij

For energy reform, the policy has put a big attempt to reduce the market monopoly in order to create the market fairness. The party will consider the structure of natural gas, oil and electricity in a bid to cut the industry cost.

The party has proposed to cancel Singapore’s oil reference price, instead Thailand should consider to the cost of domestic refineries to set appropriate oil prices.

Regarding to electricity, currently Thailand uses 70% of natural gas to generate power, 20% of renewable. The government should increase more proportion of renewable energy.

“Bangkok is high potential to produce roof-top solar cell of 6,000 megawatt. However, the policy has yet implemented because of regulatory obstacles. Electricity Generating Authority of Thailand (EGAT) still maintains its role to generate electricity. Thai people should have alternative to use electricity from various sources.”

The party proposed the authority to separate transmission line from EGAT and establishes an independent unit to supervise transmission line.

The party also planned to restructure tourism industry in order to promote more participation of ordinary people in the industry and its policy will be announced in the future.

“Tourism industry is the only sector that its spending will go directly into the hand of ordinary people via business such as foods, gifts, and transportation service.”