FPO upbeat scheme will hit B10bn target

FPO upbeat scheme will hit B10bn target

Hotels, restaurants enjoy stimulus spree

A poster promotes the Taste-Shop-Spend scheme at a department store. The campaign is part of the government's 316-billion-baht stimulus package aimed at boosting consumer spending. (Photo by Wichan Charoenkiatpakul)
A poster promotes the Taste-Shop-Spend scheme at a department store. The campaign is part of the government's 316-billion-baht stimulus package aimed at boosting consumer spending. (Photo by Wichan Charoenkiatpakul)

The Fiscal Policy Office (FPO) is optimistic that spending from the cash rebate of up to 20% in the Taste-Shop-Spend scheme will reach 10 billion baht by the time the programme 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 few weeks from 10 million baht per day earlier, said Lavaron Sangsnit, director-general of the FPO.

If spending remains steady until 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, Mr Lavaron said.

The scheme is part of the government's 316-billion-baht stimulus package aimed at triggering a spending spree and boosting the country's full-year economic growth to 2.6%.

Under the scheme, recipients 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 lets 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, plus 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 about 300,000 spaces available.

Elderly registration for cash rebate rights began on Nov 17.

The Finance Ministry has not set a daily target for the number of elderly registrants, Mr Lavaron said, adding that registration will run until the 500,000 quota is reached.

Registration for the elderly is averaging 10,000 a day, a rate Mr Lavaron said he was satisfied with.


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