Commerce Minister to check out the crop price guarantee scheme in 3 pilot provinces

Bangkok, 31 October 2009 (NNT)-The Commerce Minister is prepared to check out the crop price guarantee project in the three pilot scheme provinces – Phitsanulok, Kamphaeng Phet, and Nonthaburi. Meanwhile, the reference price will be announced next week.

Ms Porntiva Nakasai, the Minister of Commerce is going to the 3 provinces of the pilot scheme in processing the crop price guarantee. The measure of guarantee price will begin from 2 November in Phitsanulok, Kamphaeng Phet, and Nonthaburi, to cope with the fall of crop prices. The situation could result in a huge amount of compensation to be paid to farmers by the government. Next week the reference crop price will be announced for the period of 1-15 November.

The Ministry of Commerce will speed up measure to shore up agricultural prices as participating farmers are in the process of registering with the Bank for Agriculture and Agricultural Cooperatives (BAAC) which will take about one month.