Thailand to sell stockpiled rice at market prices

Govt accepts it will lose on rice

Published: 7 Mar 2013 at 11.54
Online news:

The government will have to sell off its rice stockpile amassed under the rice pledging scheme at market prices, PM's Office Minister Nawatthamrong Boonsongpaisan admitted on Thursday.

The government will have to take a big loss on the sale, because pledging prices were set much higher than the market price, he said.

Prime Minister Yingluck Shinawatra recently assigned Mr Nawatthamrong to oversee the rice pledging scheme and ensure that taxpayer funding for the programme does not exceed 500 billion baht per year.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

Forum

Your comments

kasper
Post : 602
Send message

Discussion 83 : 14 Mar 2013 at 23.5683
Post this to my Facebook
@john49 d79

I remember those comments too. When it comes to stock/shareholding (or rice holding) less intelligent people believe in a concept called "paper loss". This means that if you have bought shares (or rice) that have declined in value, you have not really lost anything unless you have actually sold the shares.
However, if you go to a bank and use the shares as a collateral for a loan, the intelligent staff at the bank will (surprisingly) base the loan on the current market value of the shares, not the price they were originally purchased for.
The term "paper loss" is valid though, but only for tax reasons, which is another discus
Like dislike 1 people liked / 0 people disliked this comment
DonAleman
Post : 534
Send message

Discussion 82 : 09 Mar 2013 at 10.4182
Post this to my Facebook
"Sell at MARKET price " ? Why would anyone buy old rice, of questionable quality,from a desperate seller,( have to get rid of it ), at the MARKET price of new crops ? Maybe the same type people who are now loan defaulting on the other , "First Auto" Govt.scheme. Old rice, like used cars, rarely fetch attractive bids. Last year rice, this year autos and, next year, homes !
Like dislike 13 people liked / 0 people disliked this comment
mr.meldrew
Post : 486
Send message

Discussion 81 : 09 Mar 2013 at 10.3781
Post this to my Facebook
So many posting that this rice scheme/scam is a mistake and that it was not thought out properly etc etc. This scam was well thought out and done brilliantly and blatantly. To the cost of 500,000,000,000 Baht which most has gone into the scammers pockets. Got to be one of the biggest robberies carried out in plain sight of everyone.
Like dislike 23 people liked / 0 people disliked this comment
ATNN
Post : 148
Send message

Discussion 80 : 08 Mar 2013 at 17.0580
Post this to my Facebook
Learn from it? Didn't anyone with a shred of sense or economic acumen warn that PTP was recklessly, and purposefully pursuing a corrupt, sure-to-fail vote-buying scam that would wreck the rice markets and cause long-term damage? Will we play surprised when PTP's other vote-buying scams spectacularly fail?
Like dislike 35 people liked / 0 people disliked this comment
john49
Post : 484
Send message

Discussion 79 : 08 Mar 2013 at 16.3179
Post this to my Facebook
I remember previous stories on this scheme where TS fans denied losses because no rice had
been sold. For this story however they are absent. Maybe still in denial.
Like dislike 37 people liked / 0 people disliked this comment
joa
Post : 47
Send message

Discussion 78 : 08 Mar 2013 at 15.5678
Post this to my Facebook
I want to see an impeachment debate now!
Like dislike 26 people liked / 0 people disliked this comment
Mr.T

Discussion 77 : 08 Mar 2013 at 15.4077
Well the gov could use the rice to make "lao kaow" with it. just think how much "lao kaow" they could make and maybe can be turn in to alcohol fuel, just a thought
from iPhone application.
Like dislike 14 people liked / 1 people disliked this comment
jwatch
Post : 697
Send message

Discussion 76 : 08 Mar 2013 at 15.1676
Post this to my Facebook
How about donating some of that rice to needy countries instead of letting it rot...get some goodwill out of it plus some good karma
Like dislike 17 people liked / 0 people disliked this comment
Birdie
Post : 154
Send message

Discussion 75 : 08 Mar 2013 at 14.5975
Post this to my Facebook
Only incapable people in the government would have carried out this brainless scheme!
Like dislike 23 people liked / 1 people disliked this comment
darras
Post : 5
Send message

Discussion 74 : 08 Mar 2013 at 14.1474
Post this to my Facebook
surely if these losses keep up it will be a disaster for Thailand, this money could have been spent on hospitals, schools English teachers, totally insane!!!
Like dislike 28 people liked / 1 people disliked this comment

1 2 3 4 5 6 7 8 9 Next Last

Thailand to sell stockpiled rice at market prices | Bangkok Post: business

Govt accepts it will lose on rice

Most Viewed

Cinemas refuse to cut ticket prices

Forum

Your comments

Sign in once and access every part of the website at your convenience!