Co-pay scheme generates B70bn

Co-pay scheme generates B70bn

Goal of the scheme is to stimulate consumer spending

A food stall at Khlong Lat Mayom Floating Market offers co-payment.
A food stall at Khlong Lat Mayom Floating Market offers co-payment.

Capital worth 70 billion baht circulated in the economy during the 3½ months of the co-payment subsidy scheme, says the Finance Ministry.

From Oct 1, 2020 to Jan 21, 2021, the total amount spent via the e-wallet application under the co-payment scheme was 70 billion baht, said Kulaya Tantitemit, acting director-general of the Fiscal Policy Office.

Of the 70 billion baht, 51% was the amount spent by eligible registrants, with the rest attributed to government subsidy, said Ms Kulaya.

The consumer spending was tallied through 750,000 registered retail stores and stalls nationwide, she said.

Of 750,000 registered stores, 426,000 are food and beverage vendors.

Food and beverage businesses also registered the highest spending proportion at 39%.

Bangkok had the most participating stores at 180,000, followed by Chon Buri (51,000), Chiang Mai (41,000) and Samut Prakan (40,000).

Bangkok also had the most cumulative spending at 9.2 billion baht, followed by Songkhla (2.65 billion) and Chon Buri (2.58 billion).

Under the co-payment scheme, the government pays for 50% of food, drink and general goods purchases for up to 150 baht per person per day, capped at 3,500 baht per person for a specified duration.

The objective is to stimulate consumer spending after sentiment was gutted by the pandemic.

The first-phase scheme started on Oct 23 and ended on Dec 31.

The government allocated 30 billion baht for the first phase, covering 10 million people, with each receiving a 3,000-baht money transfer.

The second phase, which runs between Jan 1 and March 31, covers an additional 5 million people, with the amount of subsidies raised to 3,500 baht per person.

The government subsidy conditions stipulate spending by registrants must be made within 14 days from the day of registration.

Finance Minister Arkhom Termpittayapaisith said the ministry is looking at the possibility of rolling out a third-phase co-payment scheme following positive responses to the first two phases.

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