Thais are the top adopters of preventive health habits since Covid-19 emerged, according to results of a regional survey revealed on Tuesday.
Thais are the top adopters of preventive health habits since Covid-19 emerged, according to results of a regional survey revealed on Tuesday.
Conducted by Philips on 4,000 respondents in Singapore, Indonesia, South Korea and Thailand, the survey found the pandemic appears to have changed health habits of Thais more than those of their Asian peers.
Thais topped the region for post-pandemic uptake of preventive health habits with 51 per cent of respondents prioritising health over work, said Viroj Vithayaveroj, chairman and managing director of Philips (Thailand). The average uptake in other Asian countries surveyed was just 40 per cent.
The survey found that 62 per cent of Thais now read up more on health, compared to 45 per cent in other countries. Meanwhile, the number of Thais who use health devices for personal monitoring has risen by 43 per cent, compared to 30 per cent elsewhere, said Viroj.
The pandemic seems to have encouraged greater prioritisation of preventive health in Thailand than other countries in the region, he commented.
In further good news for Philips’ electrical appliance business, 70 per cent of respondents across the region said they would and use personal health technology and devices to track their general health in the next three years.
When choosing a device, 53 per cent cited the ability to customise it to individual health goals as a key factor, alongside data accuracy (70 per cent), low cost (65 per cent), health tracking parameters (60 per cent), and durability (48 per cent).
Viroj said the regional personal care appliance market grew 3 per cent in 2021. Oral healthcare products recorded the highest growth of 5 per cent.
The company is now integrating business strategies with strong product portfolios to help our Personal Health business grow. Several new products with enhanced functionality will be introduced later this year.
In 2021, Philips generated 17.2 billion euros in global sales and employed about 79,000 people in more than 100 countries.
Thailand’s wellness industry expects to see a boost in the food supplement and exercising segments, but not so much in health foods, an industry expert said.
Asst Prof Dr Patana Teng-amnuay recently said that he expected the wellness industry to gain more customers in the food supplement and exercising segments, as more people are becoming health conscious and are willing to spend time and money to take care of themselves.
“Furthermore, these supplementary products are widely available in modern markets. Meanwhile, exercising businesses will also see more audiences as people are eager to get in shape,” said Patana, who is the dean of College of Integrative Medicine (CIM) at Dhurakij Pundit University (DPU).
“However, the health food sector will see a relatively lower response due to the general belief of people in society that healthy foods do not taste good,” he added.
Patana added that he believed the wellness industry in Thailand still has potential to grow in the future, especially with the government’s policy to make Thailand a destination and hub for wellness and medical tourism.
DPU, as Thailand’s leading knowledge centre in wellness and anti-ageing medicine, is hosting Asean’s largest wellness academic forum “H.E.A.T. Anti-ageing Congress 2022” from August 18-20 at The Athenee Hotel, Bangkok.
The three-day annual international congress will be the sixth time in the series and features the latest industry news and first-hand knowledge on the reversal of chronic diseases and anti-ageing delivered by international medical experts.
This year’s congress will also be a reunion of over 30 speakers from the fields of anti-ageing and aesthetic medicine. More than 600 participants interested in the wellness industry, including to trending fields like wellness management and wellness tourism, are expected to attend the event.
Oiga Vita will speak on “Vitality Project, 3×3 System of Natural Healing”, Dr Narinthorn Surasinthon on “Trend in Medical Wellness Equipment”, and Dr Brian Kunakom on “When Fitness Meets Cancer Survivors”.
Siam Piwat finalizes an interest rate for its Perpetual Bond at 5.50 per cent per annum for the first five years, payable quarterly. The bonds will be offered to institutional and high net worth investors during August 4-5 and 8-9, showcasing the strength of the company’s long-standing success of business operations for the past 63 years as a world-class real estate and retail developer.
Siam Piwat, a leading real estate and retail developer, disclosed that the company has decided to issue subordinated perpetual bonds, which is an equity-like instrument and redeemable upon dissolution with the issuer’s right to early redemption and unconditional interest deferral, to institutional and high net worth investors.
Rationale behind the offering of perpetual bonds is 1) the perpetual bond is treated as equity for the issuer, and 2) the bonds have a call option feature to the company to redeem them all after the end of year 5. This provides the company’s flexibility to exercise the call option when the credit rating agency stops giving an equity credit to perpetual bonds after the end of 5 years. Institutional and high net worth investors are therefore invited to take part in the company’s success and strength which were jointly built by the company’s shareholders, management, employees and business partners in the past 63 years.
The company has set the perpetual bond’s coupon rate at 5.50 per cent per annum for the first five years, payable quarterly. The perpetual bonds will be offered to institutional and high net worth investors during August 4-5 and 8-9, with the minimum subscription amount of 1,000,000 baht or a multiple of 1,000,000 baht.
Siam Piwat was assigned a company rating of “A-“ with a “stable” outlook, and the perpetual bonds were rated “BBB” with a “stable” outlook by Tris Rating Company Limited as of June 30, 2022. The investment grade ratings reflect Siam Piwat’s creditworthiness, and strengths in every aspect starting from its finance, business operation, teamwork, management to all employees who have fully devoted to the company. Recognized for its vision to foster a distinctive identity to be the number one in the real estate and retail industries, Siam Piwat has achieved tremendous business success to become the owner and operator of world-class projects such as Siam Paragon, Siam Center Siam Discovery, and one of partner and owner of ICONSIAM and Siam Premium Outlets Bangkok, enabling the company to have a robust high-spending customer base both domestically and internationally.
Regarding the company’s financial status, Siam Piwat has placed an importance on maintaining its financial liquidity and monitoring its financial discipline in many aspects. This includes managing its interest-bearing debt to equity (IBD/E) in line with the policy. As of December 31, 2021, IBD/E was at 0.99 time (following the audited financial statements). The company has maintained its profitability and high liquidity in the midst of COVID-19 outbreak, which is a reflection of its efficiency in managing a high occupancy rate, effective cost management and business adjustment.
For the purpose of this issuance, Siam Piwat will use the proceeds to pay for the leasehold on land and improve all of its shopping centers to strengthen its core businesses and better cater to lifestyle of the future, as well as to expand towards various businesses in the new economy, while creating digital platforms that will connect its core businesses to new endeavors in collaboration with partners in its ecosystem. In addition, the company aims to leverage its expertise and experience in the management of shopping centers, office buildings, and residential buildings to further expand its real estate service business in the next 1-3 years.
However, the perpetual bonds have a similar characteristic to preferred shares, which means an issuer can defer interest payments. Therefore, investors should carefully consider to invest in a company which has strong creditworthiness, strong financial status, strong shareholders’ structure, and proven management team.
To the question of how to exit the bonds, the investors can contact the commercial banks and/or the securities companies where they can provide assistance. Investors may experience either profit or loss in selling all bonds/debentures depending on the market conditions and prevailing mark to market price which can be seen on Thai Bond Market Association website. It takes time to place the bonds over the counter; thus, Investors are urged to contact the banks and/or the securities firms in advance prior to your needs.
For more information, please contact the underwriters of this Perpetual Bond at: 1. Siam Commercial Bank Plc, Tel. 02-777-6784 2. Thanachart Securities Plc., Tel. 02-779-9000 3. KGI Securities (Thailand) Plc., Tel. 02-658-8951 4. Asia Plus Securities Co., Ltd., Tel. 02-680-4004 5. IV Global Securities Plc, Tel. 02-658-5788
Thai industries are preparing to cut costs and raise capital in response to the possibility of an interest rate hike, the latest poll of the Federation of Thai Industries (FTI) showed.
The survey of 209 executives from 45 industry groups and 76 provincial industry councils, found that the majority of them believe the Bank of Thailand’s Monetary Policy Committee (MPC) will have to raise the interest rate at their next meeting to combat the country’s inflation, the highest in 13 years, and the several rate hikes by the US Federal Reserve.
Meanwhile, 33 per cent of respondents said they plan to cut operational and investment costs, while 19.6 per cent plan to increase cash flow along with a change in management strategy in response to the likely increase.
Montree Mahapruekpong, deputy chairman of the FTI, said more than half of the respondents (52.6 per cent) expect the BOT to gradually raise interest rates to reflect the current economic conditions, as well as introduce supportive measures such as soft loans, fixed-rate loans, debt restructuring, and tax breaks to assist businesses that have not fully recovered from the pandemic.
He added that while the continued weakness of the baht will help the country’s competitiveness in the export sector, the price of energy, raw materials, and goods will continue to rise, forcing industries to raise product prices.
The FTI also advised Thai manufacturers to hedge against a weakening baht, such as through forward or options contracts.
The poll suggested the appropriate value of the baht for business operations should be 32-34 per US dollar to stabilise overall economic conditions.
Thai exporters of plant-based protein products have bright prospects in Spain as consumers there have become more health-conscious, the Department of International Trade Promotion said on Wednesday.
DITP director-general Phusit Rattanakul said a recent study showed that the demand for plant-based protein products is rising in Spain.
He cited the study by the Louis Bonduelle Foundation, titled “Route to the Food Transition”, which showed that 64 per cent of Spanish people pledged to eat plant-based protein this year.
The survey said 78 per cent of these people would eat plant-based protein because of health reasons and 48 per cent said they would do it for the sustainability of food security, while 26 per cent cited price and 21 per cent cited taste reasons. Respondents were allowed to give more than one answer to this question.
According to Phusit, the study also found that the Gen Z group of people between 18 to 28 years old would see the biggest increase in number of people that would turn to plant-based proteins. The survey found that 7 in 10 of this group said they would start eating plant proteins this year and they would eat more vegetables and fruits during the next five years.
The study also pointed out that if animal meat consumption is reduced by half, it would help reduce global warming by up to 40 per cent.
Phusit said the study also found that Spanish people 25 to 34 years old are the biggest group that pays attention to the environmental impact of food consumption.
The study also pointed out that 6 of 10 Spaniards from 18 to 24 years old give priority to sustainability of food security, Phusit added.
“The attitude of Spanish people in this study showed that they are aware of the environmental impact of food consumption,” Phusit said.
“This will provide a chance for making foods based on plant protein to respond to the demand of Spanish people and it will create food sustainability in the market in the long term.”
Prime Minister Prayut Chan-o-cha has endorsed the Tourism Authority of Thailand’s revenue target of 2.38 trillion baht and strategies for next year, the government spokesman said on Wednesday.
Spokesman Thanakorn Wangboonkongchana said the prime minister supported TAT’s strategic plans to revive the tourism sector next year and make tourism a sustainable revenue earning industry for the country.
TAT had submitted a four-point plan to the prime minister to increase Thailand’s competitiveness and achieve its “high value sustainable tourism” goal.
The four strategies are:
– Drive demand
– Create valuable experiences for foreign tourists, making their travel meaningful
– Shape supplies with various types of tourism
– Upgrade tourism into a high-value, sustainable industry by making use of Thailand’s soft power.
The prime minister also agreed with TAT’s proposal to integrate close cooperation among all sectors to make Thailand a world-class destination, the spokesman said.
Prayut supported TAT’s plan to promote domestic travel with its campaign theme of “365 Days of Amazing Thailand – Everyday Travel”, Thanakorn said.
The campaign highlights outstanding characteristics of each region to promote travel around the country and encourage domestic tourists to spend more.
TAT plans to woo tourists from a host of new markets, including Saudi Arabia.
All in all, the comprehensive plans would generate some 2.38 trillion baht in tourism revenue next year, Thanakorn said.
Furthermore, Prayut was happy Bangkok had been voted the number one destination by users of tourism platform Agoda for 2022 summer travel, the spokesman said, adding that the premier was also glad Pattaya was ranked eighth in Agoda’s top ten tourist destinations.
“The prime minister appreciated the hard work and cooperation by all agencies concerned to develop the tourism industry efficiently,” Thanakorn said.
“Prayut thanked them for promoting various policies and complying with government measures, thus creating confidence among foreign tourists,” the spokesman added.
The Cabinet on Tuesday approved a project to grant soft loans worth a total 5 billion baht to hotel operators and their supply chains.
The project, operated by Government Savings Bank (GSB), aims to help up to 1,000 small and medium-sized enterprises and supply chains access funds in the current challenging economic situation.
Hoteliers and their supply chains can now borrow loans of up to 5 million baht per person for no more than seven years.
The soft loans have grace periods and interest of 1.99 per cent in the first two years. Interest from the third to seventh year will be specified by the GSB.
Borrowers can use their assets as collateral or request the Thai Credit Guarantee Corporation to be their guarantor, or both.
They can avail of the loans until September 30 this year or until all of the loans are snapped up.
The following are eligible:
• SME operators must be Thai or juristic persons registered to operate a business in the country with shareholding of more than 50 per cent of registered capital.
• Hotel operators must have a licence or a requested licence to operate their business before December 31, 2020.
• Borrowers must be directly or indirectly affected by the Covid-19 crisis.
• Their business should have shown profit over the past three years.
• In case of juristic persons, shareholders’ equity must not be in deficit.
• Borrowers must also not be in debt or have any non-performing loans. They should not have been prosecuted or must not be facing bankruptcy.
The baht opened at 36.70 to the US dollar on Wednesday, unchanged from Tuesday’s closing rate.
The Thai currency is expected to move between 36.60 and 36.80 during the day, predicted Krungthai Bank market strategist Poon Panichpibool.
Poon said the baht was likely to fluctuate and weaken to test its resistance level of 36.80 if the market descends into a risk-off state, which would support the dollar to weaken while pressuring the euro.
He advised investors to closely monitor the baht’s volatility especially during the US Federal Reserve meeting on Thursday, as it comes during the long holiday in Thailand, so the trade volume might be lower than normal during the period.
Poon feels the dollar might decline while the baht could strengthen if the Fed does not signal another interest rate increase by a big margin.
However, he said to beware of investors selling their assets in the Emerging Asia market if the Chinese government enforces additional lockdown measures.
Poon also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Siam Commercial Bank (SCB) projects exports of Thai electronic products will rise by a modest 4.1 per cent this year from the US$4.22 billion earned in 2021.
SCB’s Economic Intelligence Centre (EIC) said export growth for electronic products this year has slowed from the 16.5 per cent increase seen in 2021.
It explained that 2021 export growth was driven by demand for electronic parts and computer parts in response to work-from-home and online education trends.
The EIC said demand for electronic parts from Thailand was still high but exports would be hampered by the global economic slowdown and semiconductor shortage.
It added that Thai washing machines had been removed from the European Union’s Generalised Scheme of Preferences (GSP). This, along with other trade controls imposed by some countries, had added to the slowdown in exports of Thai electrical products, it said.
Average tax revenues in Asia and the Pacific fell by -1.2% of GDP between 2019 and 2020 to 19.1% of GDP as a result of the Covid-19 pandemic, according to a new OECD report released Monday.
Revenue Statistics in Asia and the Pacific 2022 provides harmonised data on tax revenues for 28 economies in the region, including Bangladesh, Cambodia, Kyrgyzstan and Pakistan for the first time. The report reveals that the average tax-to-GDP ratio in the Asia-Pacific region was lower than the averages for the OECD and Latin America and the Caribbean (LAC). Between 2019 and 2020, tax-to-GDP ratios fell in 19 of the 26 economies for which 2020 data are available.
The first year of the pandemic amplified a decade-long decline in tax-to-GDP ratios across the region, which fell in 15 of the 26 economies between 2010 and 2020. The pandemic also widened the gap between the Asia-Pacific average and the averages for the OECD and the LAC region: the OECD’s average tax-to-GDP ratio increased by 0.1 percentage points (p.p.) to 33.5% between 2019 and 2020 while the average tax-to-GDP ratio in the LAC region declined by -0.8 p.p. to 21.9%.
Falls in revenue from taxes on goods and services drove the decline in Asia-Pacific’s average tax-to-GDP ratio between 2019 and 2020, decreasing as a percentage of GDP in 21 of the 26 economies for which 2020 data are available. This fall was particularly large for the Pacific Islands covered by the report because of the sharp decline in tourism caused by the pandemic. On average, taxes on goods and services accounted for 50.6% of total tax revenues in the Asia-Pacific region in 2020.
Between 2019 and 2020, revenues from corporate income tax (CIT) fell by -0.1 p.p. in Asia and the Pacific, a more modest decline than was observed in the OECD (-0.4 p.p.) and in the LAC region (-0.2 p.p.). Revenues from personal income tax remained unchanged as a percentage of GDP on average in Asia and the Pacific and in the LAC region, while they increased by 0.3 p.p. in the OECD.
Revenue Statistics in Asia and the Pacific 2022 includes data on non-tax revenues for 19 economies in the region. Between 2019 and 2020, non-tax revenues declined in twelve economies as a percentage of GDP while they increased in seven. In 2020, non-tax revenues exceeded 10% of GDP in Samoa (11.6%), Bhutan (19.8%), Vanuatu (24.0%), the Cook Islands (27.4%), Nauru (67.5%) and Tokelau (218.7%).
The new report also includes a special feature by the Asian Development Bank (ADB) on options for developing countries in Asia to enhance domestic resource mobilisation in the wake of the COVID-19 pandemic. This chapter shows that a large number of countries have the potential to increase tax revenues by optimising existing sources of revenues, making more strategic use of tax expenditures, adapting to the growth of the digital economy and supporting multilateral initiatives to increase revenues from CIT.
Revenue Statistics in Asia and the Pacific is jointly produced by the OECD’s Centre for Tax Policy and Administration and the OECD Development Centre with the cooperation of the ADB, the Pacific Island Tax Administrators Association (PITAA), and the Pacific Community (SPC), and support from the governments of Ireland, Japan, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom.
The study also pointed out that if animal meat consumption is reduced by half, it would help reduce global warming by up to 40 per cent.
“The attitude of Spanish people in this study showed that they are aware of the environmental impact of food consumption,” Phusit said.
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