The Bank of Thailand and 14 other governmental units have joined forces in a targeted approach to tackle the issue of farm debts. According to Government Spokesman Anucha Burapachaisri, a database is being set up to enable effective and targeted measures to be curated by linking together farmers’ information in terms of their assets and loans.
The database will contain registration information of crop farmers, cattle raisers, and fishermen, and the risk levels of natural disasters in their areas. The information is acquired through the Department of Agriculture Extension, the Office of Agricultural Economics, and the Rubber Authority of Thailand. In addition, the database will also contain information related to the farmers’ occupation, income, and poverty status, which will be provided by the Office of the Permanent Secretary at the Ministry of Finance and the Community Development Department.
By linking together these various sources of information, the database will enable a better understanding of the issue of farm debts and allow for targeted measures to be curated. The Bank of Thailand will be responsible for managing this information pool, while the Office of the Personal Data Protection Commission will be providing support and consultation on how to utilize such information in a way that complies with the personal data protection law.
This initiative is part of the government’s efforts to alleviate the burden of debt on farmers, who are a key component of the economy. By having a better understanding of their financial situation, effective measures can be taken to assist them in managing their debts and ultimately improving their livelihoods. With the support of these various government agencies, the database is expected to be a valuable tool in the ongoing efforts to address the issue of farm debts in Thailand.
