Thailand approves rubber price guarantee scheme for farmers

A scheme worth 7.6 billion THB (215 million USD) has been approved by the cabinet of Thailand to guarantee rubber prices for 1.6 million farmers registered with the country’s Rubber Authority.

Wednesday, March 01, 2023 11:03

Thailand approves rubber price guarantee scheme for farmers ảnh 1

Illustrative image (Photo: AP)

Bangkok (VNA) – A schemeworth 7.6 billion THB (215 million USD) has been approved by the cabinet ofThailand to guarantee rubber prices for 1.6 million farmers registered with thecountry’s Rubber Authority.

The move,the fourth phase of an ongoing programme, promises a 40-60 split on revenuesbetween rubber tappers and plantation owners respectively, the cabinet said ina statement.

The price guarantee for the 2022 - 2023 seasoncovers 1.6 million rubber farmers with a combined 18.2 million rai (2,912ha) ofrubber plantations, according to the National Rubber Committee.

The progamme, managed by the state-owned Bank forAgriculture and Agricultural Cooperatives, offers compensation if rubber marketprices fall below the benchmark. It will give a guaranteed maximum price of 60 THB per kgfor raw rubber sheet, 57 THB per kg for latex, and 23 THB per kg for cup lump,limited to 25 rai (4ha) per family.

During a recent visit to Nakhon Si Thammarat province, Thai PrimeMinister Prayut Chan-o-cha said thattackling falling crop prices remains a priority as the government is trying tocome up with the best solution.

Most of Thailand’s rubber products are exported,with only one-third kept for domestic use./.

VNA

#Thailand #rubber #rubber prices #Rubber Authority of Thailand #Thai Prime Minister #Prayut Chan-o-cha #rubber products #Vietnamplus #Vietnam News Agency

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