FPO upbeat scheme will hit B10bn target
published : 26 Nov 2019 at 18:41
writer: Wichit Chantanusornsiri
The Fiscal Policy Office (FPO) is optimistic that spending for the cash rebate of up to 20% for the Taste, Shop, Spend (chim-shop-chai) scheme's G-wallet 2 will reach 10 billion baht when the scheme lapses at the end of January.
Spending through Krungthai Bank's Pao Tang G-wallet 2 app has jumped to 250 million baht a day over the last couple of weeks from 10 million per day earlier, said Lavaron Sangsnit, director-general of the FPO.
If spending remains steady through the scheme's end, the total amount will reach the goal of 10 billion baht, he said.
The higher spending can be attributed to the participation of upscale hotels and restaurants, said Mr Lavaron.
The scheme is a part of the government's 316-billion-baht stimulus package, aiming at triggering a spending spree and boosting the country's full-year economy to 2.6% as the economy falters.
Under the scheme, recipients will receive 15% cash back for spending of up to 30,000 baht at participating merchants. The rebate rises to 20% for more than 30,000 to 50,000 baht spent, with up to 8,500 baht available in cash back.
The cabinet earlier this month approved the third phase of the scheme. Some 2 million new registrants are eligible, of which 500,000 spots have been allotted for the elderly.
The third phase also allows those who buy tour packages, air tickets and lodging for domestic travel to take part in the scheme. Recipients receive 15% cash back for spending of up to 30,000 baht at participating merchants, and the rebate rises to 20% for 30,001 to 50,000 baht spent, with up to 8,500 baht available as cash back.
Some 10 million participants in the first phase and 3 million in the second received a 1,000-baht cash handout, as well a cash rebate of up to 20%. The 1,000-baht cash giveaway is required to be spent through Pao Tang's G-wallet 1.
Mr Lavaron said 2,000 recipients have spent more than 50,000 baht each through G-wallet 2 and their combined spending amounted to 115 million baht.
Since the scheme's launch in late September, spending tallied 14.8 billion baht, of which 11.5 billion was splurged through G-wallet 1 and the remainder through G-wallet 2.
Regarding registration for the elderly quota under the scheme's third phase, 196,889 have signed up, leaving around 300,000 spaces available.
Elderly registration for cash rebate rights began on Nov 17.
He said the Finance Ministry has not set any daily target for the number of elderly registrants and the registration will run until the 500,000 quota is reached.
Daily registration for the elderly averages 10,000 and Mr Lavaron said he is satisfied with the rate.