The 1,000-baht cash giveaway and 15% cash rebate scheme for domestic tourism is expected to reach its quota of 10 million recipients next Wednesday after a brisk pace of registration.
If the expectation becomes reality, the quota will be met one and a half months ahead of the Finance Ministry's prediction, said Lavaron Sangsnit, director-general of the Fiscal Policy Office under the ministry.
The scheme's registration, which is open from Sept 23 to Nov 15 or until the 10-million-recipient quota is full, is limited to 1 million recipients a day.
The cash handout and cash rebate are part of the government's 316-billion-baht stimulus package, which aims to boost economic growth to at least 3% this year after posting 2.3% growth year-on-year in the second quarter and 2.8% in the first.
To be eligible for the cash handout and the 15% cash rebate of up to 30,000 baht for tourism-related spending, Thais aged 18 and older are required to sign up at the specified website and download the Pao Tang mobile app from Krungthai Bank (KTB). The rebate will be paid out by the government later.
Registrants will receive an SMS to confirm their privileges within three business days.
The cash handout needs to be spent using the Pao Tang app at participating shops in specified provinces within two weeks, while the 15% rebate can be spent in any province. Neither perk can be used in the recipient's home province.
Mr Lavaron said recipients are required to spend the 1,000 baht in cash parked in KTB's Pao Tang app within 14 days of receiving the SMS to avoid losing the privilege.
Any cancelled money will be given later to registrants on a waiting list, he said.
Finance Minister Uttama Savanayana said the fast spending will come as a boon to the Thai economy.
He has designated the Finance Ministry to determine the appropriateness of lottery and liquor sellers signing up to take part in the scheme. Officials still have time to address the matter before the spending spree begins on Sept 27.
Meanwhile, finance permanent secretary Prasong Poontaneat said the Finance Ministry hopes that at least 70-80% of the 10 million recipients will spend more by taking advantage of the cash rebate.
If so, the perk is expected to boost the country's economic growth by 0.02-0.03 percentage points for the full year.
The Finance Ministry estimates that an additional 20,000 shops will sign up to join the scheme after the closing registration period for merchants is extended to Oct 15 from Sept 20. The number of participating shops is expected to reach 170,000 nationwide.
Mr Prasong said the Finance Ministry is taking aim at small shops such as vendors of grilled pork and chicken rice because it wants money to spill over into the grassroots economy.