The Pheu Thai Party has pledged 10,000 baht payments to all Thai citizens 16 years and older through digital wallets on January 1st, 2024 if they are successful at the forthcoming election.
Prominent party members announced this on Friday during a briefing to clarify the handout policy previously unveiled earlier in the week.
The policy has faced backlash, particularly regarding the funding source, as some economists have argued it would burden taxpayers with hundreds of billions of baht, at a time of financial uncertainty.
Entrepreneur Srettha Thavisin, one of the three Pheu Thai prime ministerial hopefuls, stated that if the party triumphs in the May 14 election and forms the government, the handout could be available by January 1st, 2024.
He approximated the cost to the government would be around 500 billion baht.
Mr. Srettha explained that the policy’s goal is to boost the national economy. He added that technology would be developed to ensure recipients use the funds for approved purchases within their local communities, based on the addresses on their ID cards.
There would be no eligibility requirements tied to recipients’ financial status, and the handout would be a one-time occurrence, he stated.
Prommin Lertsuridet, the party’s economic head, claimed the policy would be feasible considering the expected 260 billion baht increase in annual income for government organizations, a rise of over 100 billion baht in state revenue, and potential savings from projects.
Chakrapong Saengmanee, the party’s registrar and economic team member, noted that with the 10,000-baht handout, people would no longer need government welfare cards, saving the state approximately 50 billion baht currently needed for that program.
Some competing parties, such as Palang Pracharath and United Thai Nation – led by Gen Prawit Wongsuwon and Gen Prayut Chan-o-cha, respectively – have made increased monthly payments for welfare cardholders central components of their platforms.
