BAAC organizes debt repayment suspension measures for retail debtors in accordance with government policy, Phase 2, open for applications on 1 Oct.
BAAC moves forward with debt repayment suspension measures for retail debtors in accordance with the government’s policy, Phase 2, for customers who participated in the measures in Phase 1, totaling more than 1.41 million nationwide, and promotes income generation potential and debt repayment ability through occupational skills rehabilitation measures, using the principles of market-led innovation, additional income generation, to strengthen jobs and generate income. Open for notification of intentions by using national ID cards to verify information and review the assessment of debt repayment potential from October 1, 2024 – January 31, 2025 at all BAAC branches nationwide.
Mr. Chatchai Sirilai, President of the Bank for Agriculture and Agricultural Cooperatives (BAAC), revealed that BAAC is ready to implement the debt suspension measure for retail debtors in
Phase 2 in accordance with the Cabinet resolution on September 24, 2024 to reduce the debt burden for debtors affected by COVID-19 who have not yet recovered and to alleviate the debt burden for debtors. The results of the measures in Phase 1 showed a total of 1.41 million participants, with the remaining principal debt of 210,191 million baht. BAAC is accepting applications to join the measures in Phase 2 from October 1, 2024 to January 31, 2025. Simply bring your national ID card to verify your identity at the BAAC branch where you are using the service so that the staff can check your qualifications, review your information, and assess your debt repayment potential. Debtors who meet the conditions will automatically receive debt suspension in Phase 2 from October 1, 2024 to September 30, 2025.
The government continues to focus on strengthening occupations so that farmers have sufficient income and can repay their debts. The Bank for Agriculture and Agricultural Cooperatives (BAAC) has been assigned to enh
ance knowledge and restore occupational skills appropriate for each customer under the ‘Market-led, Innovation-enhanced, Increased Income’ approach, starting with changing production to do less and get more, making high-quality products that can be sold in high-value markets, upgrading production using technology and innovation, creating additional occupations, increasing income by planting short-term crops, post-harvest crops, high-value fast-growing animals, and developing existing occupations by increasing production, reducing losses, reducing production costs, and raising standards. The results of the first phase show that 290,648 customers have completed the training, out of the target of 300,000, accounting for 96.88 percent. BAAC has provided funds with concessional interest rates through appropriate loan products for occupational rehabilitation, with a maximum credit line of no more than 100,000 baht, to 10,754 customers, to increase opportunities for farmers to use the funds to invest in changing pro
duction or expanding their occupations, and to restore their potential to reduce costs and increase production efficiency. This includes using the knowledge gained from the training to generate income so that debtors have the potential and ability to repay their debts after the end of the measure. This leads to job creation, income generation and helps farmers to escape the debt trap sustainably.
Source: Thai News Agency