Image courtesy of The Pattaya News
Thai President Foods PLC, the producer of Mama instant noodles, expressed no opposition to the proposed minimum wage increase to 400 baht, according to Managing Director Phan Phaniangwet.
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Thai President Foods PLC, the producer of Mama instant noodles, expressed no opposition to the proposed minimum wage increase to 400 baht, according to Managing Director Phan Phaniangwet. He urged the Thai government to finalise the decision promptly, citing the recent volatility of the Thai baht.
The baht’s rapid appreciation in recent weeks has had mixed effects on the company. As of yesterday morning, September 22, the baht reached 32.87 against the US dollar. This appreciation has slightly reduced the cost of importing raw materials, such as tapioca flour, but has also impacted export revenues.
Phaniangwet revealed that the company imports and exports products while noting that the effects have been manageable so far. The baht has varied from 37 baht per US dollar to under 33 baht, and its future movement remains uncertain.
Phaniangwet…