11 July 2024

Starting next Tuesday, Bank of Agriculture and Agricultural Cooperatives (BAAC) will be paying rice farmers 1,000 baht per 0.16 hectares, up to a maximum of Bt20,000 per household, under the government’s program to encourage farmers to delay the sale their 2023-24 harvest until the market price is right.

The “rice quality development and management program” will cost the taxpayer about 56 billion baht for the 4.68 million farming households who have registered with the Department of Agriculture Extension to receive financial support.

Payments will be disbursed in five instalments:

The first, scheduled for November 28, is for farmers in Chiang Mai, Nan, Phrae, Udon Thani, Roi-et, Maha Sarakham and Ubon Ratchathani.

The second, scheduled for November 29, is for farmers in Lampang, Phayao, Mae Hong Son, Lamphun, Phichit, Phetchabun, Nakhon Sawan, Phitsanuloke, Sukhothai, Kamphaeng Phet, Uttaradit Uthai Thani and Tak.

The third, scheduled for November 30, is for farmers in Bung Kan, Lamphun, Nong Khai, Mukdahan, Surin, Buri Ram, Chaiyaphum and Si Sa Ket.

The fourth, scheduled for December 1, is for farmers in Khon Kaen, Sakhon Nakhon, Nakhon Phanom, Kalasin, Nakhon Ratchasima and Yasothon.

The fifth instalment is scheduled for December 2nd for the remaining provinces across the country.

Farmers who choose to sell their crops to cooperatives for storage for 1-5 months will receive 500 baht for each tonne of their crop sold, while the cooperatives will receive 1,000 baht/tonne for the rice they buy for storage.

Rice millers who bought the rice for storage from farmers will receive a 1% reduction in interest, from the rate charged by their creditor banks, to be shouldered by the taxpayer.