Vol. II No. 16 Saturday 19 April - 25 April 2003
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BUSINESS NEWS
HEADLINES [click on headline to view story]:

Central bank to introduce Enterprise Resource Development Planning system

Moody’s gives thumbs up to Thai economy

Thailand’s power consumption sets new record on April 8

Central bank to introduce Enterprise Resource Development Planning system

The Bank of Thailand (BOT) has set aside 280 million baht to improve its internal resources to make them more efficient. BOT’s assistant governor Soawanee Suwannacheep said the bank will introduce an Enterprise Resource Planning system (ERP) to develop its internal resources.

“Initially, the ERP system will be used for the resource development of three projects. The first is a project for the budgeting and inventory accounting system of the whole bank, the second is the setting up of a banknote printing office, and the third project is to develop a computer system for human resource management,” Soawanee said.

She said that the BOT has earmarked a budget of 130 million baht to hire a consultancy firm, while another 150 million baht had been set aside for the development of hardware and software systems for the bank.

The assistant governor explained, “We came up with the idea of the ERP system five years ago but it was delayed because of the 1997 financial crisis. However, we think the time is now right to introduce the system and improve the organization’s capacity.”


Moody’s gives thumbs up to Thai economy

The US-based credit rating agency Moody’s Investor Services has praised the Thai economy and the government’s ability to control economic risk, and forecast that its revenues this year would exceed spending by 79 billion baht.

In its official report on the Thai economy, Moody’s described the Thai economy as having improveda, saying that the government was successfully controlling economic risk. This in turn assisted the government in drawing up budgetary and fiscal measures, and boosted domestic consumer confidence.

The Moody’s report also praised Thailand for reducing foreign debts and boosting foreign reserves to US$36 billion, despite debt repayments to the International Monetary Fund (IMF) of US$4.7 billion. The revival of the fiscal sector points to sustainability in that sector.

However, the report also said that it would be some time before Thailand’s financial system had fully recuperated, despite the fact that debt restructuring was carried out by several companies and had now hit 50 percent of the total target figure.

The report blamed the judicial system for hindering debt restructuring among small-scale debtors, while praising the Thai Asset Management Corporation (TAMC) for improving Thailand’s non-performing loan situation, particularly among banks in which the government had intervened.

The report concluded that the revival of the Thai economy in 2002 augured well for the present and future, with the strengthening of the regional economy going hand in hand with the strengthening of Thailand’s fiscal base. (TNA)


Thailand’s power consumption sets new record on April 8

Domestic power consumption set a new highest record on Tuesday, April 8 due to higher demand, as temperatures were on the rise in the mid summer and economic activities were expanding, according to the Electricity Generating Authority of Thailand (EGAT).

EGAT Governor Sitthiporn Ratanopas said the country’s overall power consumption climbed to its peak at 2 p.m. on Tuesday.

“At the time, the overall power consumption in the country reached 17,826 megawatts, setting a new highest record, due to higher temperatures in the summer, as well as rising demand of local manufacturers prior to long holidays this week during the Songkran festival, and the expanding Thai economy,” Sitthiporn said.

EGAT estimates that the country’s power consumption will continue to grow this year, with its peak possibly reaching 17,888 megawatts.

The EGAT governor, however, urged that the public help save energy, suggesting that setting air conditioners at 25 C, and regularly cleaning their air conditioners would help save power bills by at least 10%. (TNA)



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