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PM vows to get rid of underground debt problem

Prime Minister Prayut Chan-ocha on Wednesday formally launched a comprehensive programme to tackle underground debt problem. He also gave licenses to six companies to operate pico-finance to provide alternative lending service to low income-earners.

The six pico-finance companies are expected to commence their lending business immediately in Bangkok, Buri Ram, Trang, Yasothorn, Phichit and Kamphaeng Phet.

In his speech at the launch of pico-finance service, the prime minister urged underground lenders to enter into legal business by opening pico-finance operations, warning that they will face stiff legal actions if they continue their underground lending service by charging exorbitant interest rates.

The prime minister said he was well aware that almost everyone had a debt, recalling the days when he served in military service every of his subordinates was indebted with the exception of those who had inherited huge fortunes from their parents.

He vowed to get rid of underground debt in order to help the poor debtors from seemingly endless indebtedness. But he maintained that his government would not help absolve the debts of debtors.

The prime minister described underground debt problem as a national agenda and vowed to get rid of the problem.

Source: Thai Public Broadcasting Service (Thai PBS)