Boonchu Rojanastien
Encyclopedia
Boonchu Rojanastien was a Thai
-Chinese
banker. Touted as Thailand's first "economics tsar", he served in the government of Kukrit Pramoj
in 1975 and 1976. During his tenure as finance minister, he initiated a policy of "ngern phan" (money allocation), which distributed several billion baht
of government funds to 5,000 tambon
, or local government, councils. His populist
policies would later be embraced under the administration of Thaksin Shinawatra
.
origin in Chon Buri Province. He married Renu Rojanastien, and had two children Krip Rojanastien and Ora Rojanastien. He excelled at school and entered Thammasat University
, graduating with a degree in accounting
. He then opened his own accounting firm, and shortly after that joined Bangkok Bank
. He eventually became president of the bank, from 1977 to 1980, and led the institution through expansion and the establishment of branches across Thailand.
. Boonchu was appointed a senator and he played a role in drafting the Constitution
in 1974.
He joined Social Action Party
and was elected as an member of parliament
from Prachin Buri Province. This was during the short reign of Seni Pramoj
, who was succeeded by his brother, Kukrit Pramoj
.
Under Kukrit, Boonchu served as deputy prime minister and finance minister, and he initiated his populist "ngern phan" program of doling out billions of baht to local governments.
He left politics in 1983 and returned to banking, serving as chairman of Siam City Bank, only to return to politics in 1986 as the head of the Kijprachakhom Party. The party later consolidated with other parties to form the Ekaphap Party, of which Boonchu served as deputy. He later led the Phalang Dharma Party
.
Boonchu eventually joined the Democrat Party
and served as a cabinet member and then adviser to the first government of Chuan Leekpai
.
"The future of a political party hinges on its policies. Any inappropriate policies will just simply fade away," was Boonchu's famous motto.
Boonchu left politics in 1998 after serving on the House Budget Committee.
, which at its peak, became one of the best Resort and Spa and was awarded the top resort and spa of the world.
He suffered from leukemia
, and was treated at Vichaiyudh Hospital in Bangkok
, where he died on March 19, 2007.
Thai people
The Thai people, or Siamese, are the main ethnic group of Thailand and are part of the larger Tai ethnolinguistic peoples found in Thailand and adjacent countries in Southeast Asia as well as southern China. Their language is the Thai language, which is classified as part of the Kradai family of...
-Chinese
Thai Chinese
The Thai Chinese are an overseas Chinese community who live in Thailand. Thailand is home to the largest, oldest, most prominent, and most integrated overseas Chinese community in the world with a population of approximately 9.5 million people...
banker. Touted as Thailand's first "economics tsar", he served in the government of Kukrit Pramoj
Kukrit Pramoj
Mom Rajawongse Kukrit Pramoj was a Thai politician and scholar. He was Speaker of the House of Representatives of Thailand 1973-1974 and was the thirteenth Prime Minister of Thailand, serving in office from 1975-1976.- Early years:Of royal descent, M.R...
in 1975 and 1976. During his tenure as finance minister, he initiated a policy of "ngern phan" (money allocation), which distributed several billion baht
Thai baht
The baht is the currency of Thailand. It is subdivided into 100 satang . The issuance of currency is the responsibility of the Bank of Thailand.-History:The baht, like the pound, originated from a traditional unit of mass...
of government funds to 5,000 tambon
Tambon
Tambon is a local government unit in Thailand. Below district and province , they form the third administrative subdivision level. As of the 2009 there are 7255 tambon, not including the 169 khwaeng of Bangkok, which are set at the same administrative level, thus every district contains 8-10 tambon...
, or local government, councils. His populist
Populism
Populism can be defined as an ideology, political philosophy, or type of discourse. Generally, a common theme compares "the people" against "the elite", and urges social and political system changes. It can also be defined as a rhetorical style employed by members of various political or social...
policies would later be embraced under the administration of Thaksin Shinawatra
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
.
Early life and business career
Boonchu was the eldest of five children born to a carpenter of HainaneseHainanese (ethnic)
The people of Hainan , known as Hainanese and Hainan people, usually refers to people who originate from Hainan Island, the southernmost and smallest Chinese province. The term "Hainanese" was frequently used by the Hainanese Han who are the majority in the island, to identify themselves overseas...
origin in Chon Buri Province. He married Renu Rojanastien, and had two children Krip Rojanastien and Ora Rojanastien. He excelled at school and entered Thammasat University
Thammasat University
Thammasat University , or in brief TU , is Thailand's second oldest university. Officially established on 27 June 1934, the university was originally named by founder Pridi Banomyong, University of Moral Science and Politics , reflecting the political fervor of the time...
, graduating with a degree in accounting
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
. He then opened his own accounting firm, and shortly after that joined Bangkok Bank
Bangkok Bank
Bangkok Bank Public Company Limited , is a Thai commercial bank, with approximately US$64.6 billion in total assets. Its branch network includes over 1000 branches within Thailand, with 25 international branches or representative offices in 13 economies, spanning ASEAN and major economic countries,...
. He eventually became president of the bank, from 1977 to 1980, and led the institution through expansion and the establishment of branches across Thailand.
Politics
He became involved in politics in 1973 under the administration of Prime Minister Sanya DharmasaktiSanya Dharmasakti
Sanya Dharmasakti was the 12th Prime Minister of Thailand.Professor Sanya Dharmasakti was one of the most influential political figures in Thailand...
. Boonchu was appointed a senator and he played a role in drafting the Constitution
Constitution of Thailand
The Constitution of the Kingdom of Thailand is the supreme law of Thailand. Since the change from an absolute monarchy to a constitutional democracy in 1932, Thailand has had 17 charters and constitutions, reflecting the high degree of political instability and frequency of military coups faced...
in 1974.
He joined Social Action Party
Social Action Party
- History :The Social Action Party was formed by the more liberal members of the Democrat Party in 1974 under the leadership of Kukrit Pramoj. After Kukrit resigned the office of the party leader in December 1985, the former minister of foreign affairs and deputy party leader, Siddhi Savetsila, led...
and was elected as an member of parliament
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
from Prachin Buri Province. This was during the short reign of Seni Pramoj
Seni Pramoj
Mom Rajawongse Seni Pramoj was three times the prime minister of Thailand and a politician in the Democrat Party. A member of the Thai royal family, he was a descendant of King Rama II.-Biography:...
, who was succeeded by his brother, Kukrit Pramoj
Kukrit Pramoj
Mom Rajawongse Kukrit Pramoj was a Thai politician and scholar. He was Speaker of the House of Representatives of Thailand 1973-1974 and was the thirteenth Prime Minister of Thailand, serving in office from 1975-1976.- Early years:Of royal descent, M.R...
.
Under Kukrit, Boonchu served as deputy prime minister and finance minister, and he initiated his populist "ngern phan" program of doling out billions of baht to local governments.
He left politics in 1983 and returned to banking, serving as chairman of Siam City Bank, only to return to politics in 1986 as the head of the Kijprachakhom Party. The party later consolidated with other parties to form the Ekaphap Party, of which Boonchu served as deputy. He later led the Phalang Dharma Party
Phalang Dharma Party
The Phalang Dharma Party is a Thai political party founded by Chamlong Srimuang and supporters of the Santi Asoke sect of Buddhism in 1988.After 1992, it was led by business tycoon Boonchu Rojanastien and then future Prime Minister Thaksin Shinawatra. The party was known for its staunch opposition...
.
Boonchu eventually joined the Democrat Party
Democrat Party (Thailand)
The Democrat Party is Thailand's oldest political party and was the main coalition government party of the 23rd House of Representatives of Thailand. The Democrat Party's current leader is Abhisit Vejjajiva, incumbent opposition leader and former Prime Minister. The party upholds a conservative...
and served as a cabinet member and then adviser to the first government of Chuan Leekpai
Chuan Leekpai
Chuan Leekpai was the Prime Minister of Thailand from September 20, 1992 to May 19, 1995 and again from November 9, 1997 to February 9, 2001. A third-generation Thai Chinese, Chuan was born in Trang province in a grass-roofed house. The walls of his family's house were woven from strips of...
.
"The future of a political party hinges on its policies. Any inappropriate policies will just simply fade away," was Boonchu's famous motto.
Boonchu left politics in 1998 after serving on the House Budget Committee.
Later years
Boonchu's family weathered the 1997 East Asian financial crisis. He the start the Chiva-Som International Resort and Spa in Hua HinHua Hin
Hua Hin is a famous beach resort town in Thailand, in the northern part of the Malay Peninsula, some 200 km south of Bangkok. It has a population of 84,883 in an area of 911 km², and is one of eight districts of the Prachuap Khiri Khan province.Hua Hin is closely associated with the...
, which at its peak, became one of the best Resort and Spa and was awarded the top resort and spa of the world.
He suffered from leukemia
Leukemia
Leukemia or leukaemia is a type of cancer of the blood or bone marrow characterized by an abnormal increase of immature white blood cells called "blasts". Leukemia is a broad term covering a spectrum of diseases...
, and was treated at Vichaiyudh Hospital in Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
, where he died on March 19, 2007.