Pheu Thai to fund 10,000-baht digital wallet scheme through taxes, state revenue
The Pheu Thai Party has explained to the Election Commission how its government would fund a plan to hand out 10,000 baht to all Thai citizens aged 16 and above to help stimulate the economy.
The plan calls for the money to be distributed through a digital wallet for spending at local businesses within a 4km radius from the citizen’s registered address. It is estimated that about 560 billion baht will be required for the project.
In its written explanation signed by party leader Cholnan Srikaew, Pheu Thai said that the money would mainly come from taxes and normal state budget.
It said 260 billion baht would come from an estimated increase in state revenue, another 100 billion from taxes earned from the policy’s implementation, 130 billion from budget management, and 90 billion from overlapping welfare budget.
The party said the figures could be adjusted in the future to suit the country’s financial situation.
Regarding the policy’s worthiness and benefit, Pheu Thai said that people would have digital money meant to stimulate the country’s economy and economic development. It expected the handout money to be circulated all over the country, which would result in economic expansion.
It said that digital wallet would benefit the country’s future financial measures, as it would bring the country a “new format of monetary system” through blockchain technology. Also, Thai businesses would benefit from people’s increased purchasing power, Pheu Thai said in its explanation submitted to the EC.
The explanation was in response to a request by the Election Commission to all political parties making election promises that require state funding to comply with a clause in the Political Parties Act.
The law states that political parties making such campaign promises have to explain in writing to the EC about the estimated budget, the source of that budget, and the worthiness, benefit and risk of that policy platform.
Pheu Thai has come under criticism for launching the handout pledge, which critics described as an irresponsible attempt to win as many votes as possible in the run-up to the May 14 general election.
Apart from the controversial plan, Pheu Thai also has about 70 other policy platforms that will require a total budget of 3 trillion baht over the course of four years if the party regains political power after the election.
Those policy platforms include welfare for the elderly, cheaper mass transit fares, universal healthcare improvement, and constitutional amendment.
