Thailand to allow use of trees as collateral for loans

Government Spokesperson Narumon Pinyosinwat. The Nation/Asia News Network

BANGKOK — Owners of 58 economically valuable trees will be able to use them as collateral when applying for loans at financial institutions under a new policy, Thai government spokesperson Narumon Pinyosinwat said Friday (July 17) on her Facebook page.

“This policy was proposed by the Ministry of Commerce as a measure to help people gain access to financial aid and promote the growing of economically valuable trees in communities,” she said.

“The ministry therefore issued a regulation regarding other types of valid collateral that can be used under the Business Collateral Act BE 2558, while the types of economically valuable trees will be according to the Forest Plantation Act BE 2535.”

The spokesperson also posted pictures and a list of 58 economically valuable trees, along with the common name in Thai and their scientific names in English. Among these are: teak, mango tree, durian tree, tamarind tree and all types of bamboo.