Boonchu Rojanastien ( th, บุญชู โรจนเสถียร; , Chinese: 黃聞波, Huang Wenbo born January 20, 1921,

Chon Buri Province Chonburi (, , ) is a province of Thailand (''changwat'') located in eastern Thailand. Its capital is also named Chonburi. Neighbouring provinces are (clockwise from north) Chachoengsao, Chanthaburi, and Rayong, while the Bay of Bangkok is to t ...

, Thailand, died March 19, 2007, Bangkok)Influential banker, politician dead at 86
Bangkok Post, 2007-03-20. was a Thai 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.Boonchu, first 'economic tsar', dies
The Nation, 2007-03-20. His populist policies would later be embraced under the administration of Thaksin Shinawatra.

Early life and business career

Boonchu was the eldest of five children born to a Thai Chinese carpenter of

Hainanese Hainanese (Hainan Romanised: ', Hainanese Pinyin: ',), also known as Qióngwén, Heng2 vun2 () or Qióngyǔ, Heng2 yi2 (), is a group of Min Chinese varieties spoken in the southern Chinese island province of Hainan and Overseas Chinese su ...

origin in

. He married Renu Rojanastien, and had two children Krip Rojanastien and Ora Rojanastien. He excelled at school and entered

Thammasat University Thammasat University (Abbreviation, Abrv: TU th, มธ.; th, มหาวิทยาลัยธรรมศาสตร์, , ) is a public research university in Thailand with campuses in Tha Phra Chan area of Phra Nakhon District near the ...

, graduating with a degree in

accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...

. 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,History of Bangkok Bank
and led the institution through expansion and the establishment of branches across Thailand.

Political career

He became involved in politics in 1973 under the administration of Prime Minister

Sanya Dharmasakti Sanya Dharmasakti ( th, สัญญา ธรรมศักดิ์, , ; 5 April 1907 – 6 January 2002) was a Thai jurist, university professor and politician. He served as the 12th Prime Minister of Thailand from 1973 to 1975. Sanya Dh ...

. 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 a 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 Siam City Bank ( th, ธนาคารนครหลวงไทย, ) was a Thai bank that operated from 1941 to 2010. The bank was founded by the Nirandorn family, but changed hands many times, and by the 1990s its largest shareholders were the ...

, 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 Palang 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.Long-time economic czar dies of leukemia
, MCOT, 2007-03-19.

Later years

Boonchu's family weathered the 1997 East Asian financial crisis. He then started the Chiva-Som International Resort and Spa in Hua Hin, 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.

References

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