Day: October 30, 2022

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The Royal Kathina Ceremony at Binajuri Smashan Vihara, Chattogram, the People’s Republic of Bangladesh, on the Occasion of 50th Anniversary of the Establishment of Diplomatic Relations between Thailand and Bangladesh

On 29 October 2022, H.E. Mr. Sarun Charoensuwan, Deputy Permanent Secretary for Foreign Affairs of the Kingdom of Thailand, presided over the Offering Ceremony of the Royal Kathina Robes graciously bestowed by His Majesty King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua to the congregation of Buddhist monks at Binajuri Smashan Vihara, Chattogram, the People’s Republic of Bangladesh. The ceremony was headed by His Holiness Gyanasree Mahasthavir, Supreme Patriarch of Bangladesh Buddhists and Abbot of Binajuri Smashan Vihara. Participants in the ceremony included H.E. Mrs. Makawadee Sumitmor, Ambassador of Thailand to Bangladesh, officials of the Ministry of Foreign Affairs of Thailand and the Royal Thai Embassy and spouse, Mr. Amir Humayun Mahmud Chowdhury, Honorary Consul of Thailand in Chattogram, representatives of the municipal district of Chattogram as well as over 500 Bangladeshi Buddhists.

The Ministry of Foreign Affairs has organized the Royal Kathina Ceremony in neighbouring countries since 1995 as part of cultural diplomacy. This is the fourth occasion that the ceremony was held in Bangladesh as part of the activities to celebrate the 50th anniversary of diplomatic relations between Thailand and Bangladesh. Binajuri Smashan Vihara is one of the oldest temples in Chattogram which was founded in 1880. The monastery also houses social and educational institutions, namely a school and an orphanage.

The Royal Kathina Ceremony was warmly received by Thai and Bangladesh Buddhists, who were profoundly appreciative of royal benevolence in supporting Buddhism. The Royal Kathina Ceremony was a testimony to the deeply rooted bonds of friendship between the governments and the peoples of the two countries, based on common cultural heritage including a shared faith in Buddhism.

The donation from His Majesty the King, the Ministry of Foreign Affairs of Thailand, the Royal Thai Embassy in Dhaka as well as Thai and Bangladesh community amounted to 392,090 baht (1,031,570 taka).

After the ceremony, the Deputy Permanent Secretary and the Royal Thai Embassy in Dhaka presented essential goods to the Binajuri Orphanage which nurtures 30 children.

 

 

Source: Ministry of Foreign Affairs, Kingdom of Thailand

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Deputy Prime Minister and Minister of Foreign Affairs presided over the opening ceremony of Plate to Planet Competition

Deputy PM and Minister of Foreign Affairs presided over the opening ceremony of Plate to Planet Competition.

On 29 October 2022, H.E. Mr. Don Pradmudwinai, Deputy PM and Minister of Foreign Affairs, presided over the opening ceremony of Plate to Planet Competition, a Thai cuisine competition under the APEC Future Food for Sustainability programme, at CentralWorld. The event was joined by 21 teams that made it to the final round, out of over 2,000 that took part in the competition.

Plate to Planet is organized by the Public Relations Department to give young people an opportunity to present their future food menus that are in line with the BCG Economy Model, promoted by Thailand as the host of APEC 2022. The competition also highlights the creative way Thailand promotes food security.

In his opening speech, the Deputy PM and the Minister of Foreign Affairs highlighted Thailand’s strength in enhancing food security and gave support to the finalists. He also visited the finalists’ booths and taste 21 menus of future food.

 

 

Source: Ministry of Foreign Affairs, Kingdom of Thailand

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Bank Lending Grows by 13.4 Percent, Year-on-Year, in September

​Preliminary data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, expanded by 13.4 percent year-on-year in September, faster than the 12.2-percent increase in August. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 1.7 percent.

Outstanding loans to residents, net of RRPs, rose by 13.0 percent in September following an expansion of 12.1 percent in August. Outstanding loans for production activities went up by 12.3 percent in September from an 11.5-percent expansion in the previous month, due mainly to the rise in lending to key sectors such as real estate activities (16.3 percent); manufacturing (16.2 percent); information and communication (25.5 percent); and wholesale and retail trade, repair of motor vehicles and motorcycles (10.8 percent).

Likewise, consumer loans to residents grew by 20.5 percent in September from 18.3 percent in August, driven mainly by the year-on-year increase in credit card loans, motor vehicle loans, and salary-based general purpose consumption loans. Outstanding loans to non-residents1 also increased by 26.6 percent in September after a 16.3-percent expansion in the previous month.

The continued expansion in lending activity and ample liquidity will support the recovery of economic activity and domestic demand. Looking ahead, the BSP will ensure that liquidity and lending conditions remain consistent with its price and financial stability mandates.

 

 

Source: Bangko Sentral ng Pilipinas (BSP)

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Domestic Liquidity Grows by 5.0 Percent, Year-on-Year, in September

​Preliminary data show that domestic liquidity (M3) grew by 5.0 percent year-on-year to about ₱15.4 trillion in September from the 6.7-percent (revised) growth in August. On a month-on-month seasonally-adjusted basis, M3 decreased by 0.2 percent.

Domestic claims rose by 10.8 percent year-on-year in September from 11.4 percent (revised) in the previous month, due to the improvement in bank lending to the private sector. Claims on the private sector grew by 10.1 percent in September from 8.9 percent in August with the sustained expansion in bank lending to non-financial private corporations and households. Meanwhile, net claims on the central government rose by 15.3 percent in September from 21.2 percent in August owing to the sustained borrowing by the National Government.

Net foreign assets (NFA) in peso terms fell by 1.7 percent in September following the 0.8-percent contraction in August. The NFA of banks declined mainly on account of higher bills payable. Meanwhile, the BSP’s NFA position was broadly steady year-on-year.

Looking ahead, the BSP will continue to ensure that d​omestic liquidity conditions remain in line with the BSP’s price and financial stability objectives.

 

 

Source: Bangko Sentral ng Pilipinas (BSP)

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Month-Ahead Inflation Forecast for October 2022

​The BSP projects October 2022 inflation to settle within the range of 7.1 to 7.9 percent. Inflation pressures for the month are expected to emanate from transport fare hikes, elevated domestic petroleum prices, higher agricultural commodity prices due to recent typhoons, and the depreciation of the peso. This could be offset in part by the reduction in electricity rates for Meralco-serviced areas, lower LPG prices, and reduction in prices of fish.

More importantly, inflation is projected to gradually decelerate in the succeeding months as the cost-push shocks to inflation due to weather disturbances and transport fare adjustments dissipate. Looking ahead, the BSP will continue to monitor closely emerging price developments to enable timely intervention that could help prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate.

 

 

Source: Bangko Sentral ng Pilipinas (BSP)