Pheu Thai government struggles to complete key financial reforms ahead of PM vote

Thailand’s political uncertainty is starting to clear up, with the country set to vote for a new prime minister on September 5, 2025. The Secretariat of the House of Representatives has scheduled the session to choose the person who will be appointed as prime minister according to Section 159 of the Constitution.

The process of forming a new government has also gained clarity, as the People’s Party has officially announced its support for Anutin Charnvirakul, leader of the Bhumjaithai Party, as the next prime minister. This shift in the political landscape leaves Pheu Thai as the opposition party, meaning many policies initiated under their government will come to a halt.

In terms of financial reforms, Pheu Thai had pushed forward several key pieces of legislation, but with the changing political dynamic, these initiatives may not move forward under the new government. Some of the stalled financial reforms include:

1. Retirement Lottery

The National Savings Fund bill passed its first reading in the Senate but has yet to reach its second and third readings.

2. Financial Hub

The Financial Business Hub Act is currently in the process of being scheduled for discussion in the House of Representatives.

3. National Credit Guarantee Agency (NaCGA)

The NaCGA bill, approved by the Cabinet on August 19, 2025, is now under review by the Council of State.

4. Land Ownership by Foreigners

The bill to extend foreign land ownership in Thailand to 99 years is being prepared for submission to the Cabinet.

5. Entertainment Complex

On July 9, 2025, the House of Representatives voted 253 to 66 to withdraw the Entertainment Complex Business Bill from the meeting agenda.

As the political landscape shifts, the future of these financial reforms remains in doubt, dependent on the outcome of the PM vote and the direction of the incoming government.