Bangkok: The Bank for Agriculture and Agricultural Cooperatives (BAAC) is fast-tracking aid for flood victims in the northern regions of Thailand impacted by Tropical Storm Wipha. The bank has announced a series of measures to assist affected customers, including the option to postpone debt payments for up to one year without incurring interest penalties. Additionally, these measures aim to restore and enhance farmers' liquidity, backed by a substantial budget of 20 billion baht. This includes emergency expense loans for 2025, capped at 50,000 baht per person with 0% interest for the initial six months, and up to 500,000 baht per person for loans aimed at restoring and developing the quality of life, carrying an interest rate of MRR-2. BAAC is also preparing to assess the damage once the floodwaters recede to inform future assistance strategies.
According to Thai News Agency, Mr. Chatchai Sirilai, President of BAAC, emphasized the urgency of these measures in light of the flash flood situation caused by Tropical Storm Wipha, which has severely impacted farmers' livelihoods, including damage to homes, properties, and agricultural areas. To mitigate these challenges, BAAC is offering the option for debt repayment deferral for up to one year without interest. Affected customers are encouraged to express their intention to participate at their local branches until December 31, 2025.
Furthermore, BAAC has allocated 20 billion baht for liquidity and rehabilitation initiatives to ensure farmers can access low-interest funding. These funds aim to assist with rebuilding or repairing homes, farm buildings, and agricultural machinery damaged by the storm. The emergency expense loan project for 2025 offers 0% interest for the first six months, with an MRR rate applying thereafter, and a maximum loan of 50,000 baht per person. The second loan project addresses quality of life restoration with a cap of 500,000 baht per person at MRR-2 interest rates.
BAAC assures farmers that despite the current adversities, full support and care will be provided. Relief efforts in affected provinces, such as Nan and Phayao, include the distribution of relief bags, BAAC drinking water, and food boxes. These efforts aim to aid those severely impacted and support disaster relief operations to mitigate initial hardships.
The bank is committed to conducting detailed surveys of the damage to guide further assistance. Affected farmers can reach out to BAAC branches nationwide or contact the Call Center at 02 555 0555, available 24/7, for more information and assistance.