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Thailand Business News

Taste Shop Spend Campaign Phase 2 not offering free money

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BANGKOK(NNT) – After overwhelming feedback from the Taste Shop Spend campaign, the Minister of Finance has confirmed the campaign will be extended into Phase 2 with criteria and regulations adjusted to attract more persons with purchasing power to spend their own money, without offering a 1,000 per person allowance as in the first phase.

The Minister of Finance Uttama Savanayana, has confirmed that the government will pursue the second phase of Taste Shop Spend campaign, by refining the work process for better efficiency and convenience for the general public.

He said there have been 1.3 million persons so far directing their spending in this campaign to some 170,000 participating shops, generating more then 1 billion baht in circulation.

The second phase of the campaign will be introduced with adjustments to the conditions to encourage campaign participants to spend their own money to generate additional cash flow. The criteria will be discussed by the Fiscal Policy Office and related agencies, before being submitted to the Cabinet next week.

The campaign’s second phase is expected to commence this month, with 1-2 million more sign-ups, who will no longer receive the 1,000 baht per person allowance, but will have higher caps on the 15 percent cashback rebate from a 4,500 baht limit to 5,500-6,000 baht.

The Minister of Finance has admitted most people signed up for the campaign intending mainly to receive and spend their 1,000 baht allownace, as seen in the relevant data showing a total spending figure from the free allowance of more than 1 billion baht, while spending of participants’ own money only reached about 10 million baht, which does not fulfill the government’s goal of encouraging people to spend their own money.

The campaign’s second phase will also end at the end of November. Further details and an announcement will be made after further consideration by related sides on the policies, outcomes from the campaign’s initial phase, and the remaining budget.

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