DAILY HIGHLIGHTS
- 3 February 2012
• Govt urged to be cautious on joining TPP talks • Thai Oil scouting for investment • Regulators promote ringgit, baht liquidity • Employers in move to halt wage increase - 1 February 2012
• More tax breaks for flood-hit producers • Bangkok Bank predicts the Asean decade • Dusit sees 20% revenue bump • JLL: Bright outlook for continued hotel investment
FOREIGN CHAMBERS DECRY SLOW, RESTRICTED AID FOR RIOT VICTIMS
Foreign chambers of commerce are demanding greater compensation for companies affected by the May political riots, saying the government has been slow in helping affected members with very limited financial support.
The Japanese Chamber of Commerce (JCC) said that so far only a few Japanese companies that sustained physical damages from the unrest had obtained "limited compensation" from the government.
About 60 Japanese business operators were physically affected and many more realised indirect impacts from the anti-government protests, said Fukujiro Yamabe, a vice-president of JCC Bangkok.
"The JCC and the Japanese Embassy have taken the opportunity to discuss with government officials the standard to decide how much damage occurred," said Mr Yamabe.
"Some companies were forced to close or move their offices during the protests. They also want some kind of compensation."
Andrew Durieux, president of the Australian-Thai Chamber of Commerce, said some members lost millions of baht during the protests but had received only minor assistance amounting to just a few thousand baht.
"We are encouraged by the prime minister's statements that all companies affected by the recent protests will be treated the same by all government departments," he said.
"The major part of the proposed government assistance takes the form of loans, which recipients will be required to eventually pay back, or delays in tax payments, which will need to be paid later. This is not in fact compensation."
AusCham urges the Thai government to ensure the rule of law is maintained and adequate compensation packages are provided quickly in order to assist with the recovery and reconciliation process, he added.
Kiat Sittheeamorn, president of the Thai Trade Representative (TTR) Office, insisted the government had nothing more to give.
"We have treated foreign-owned and Thai companies the same. No one receives preference," Mr Kiat said.
The government's burden-sharing scheme offers financial assistance for companies physically affected by the riots, with compensation from the Labour Ministry for their staff, he said.
The SME Bank is not authorised to grant loans to foreign-owned entities but Mr Kiat said the TTR had asked the Thai Bankers' Association look for ways to help affected firms on a case-by-case basis.