The King Bhumibol developed the philosophy of sufficiency economy to encourage Thai citizens to live a moderate life in line with sustainable development of the country. It lies between a localized and globalized way of life to maintain security and stability, focusing on non-dependency on others or self-dependency and self-sufficiency.

The development in consistent with sufficiency economy is based on the middle path and prudence as in Buddhism, stressing moderation, reasonableness and the need of self-immunity. Moderation means non-extremity, neither too much nor too less, non-exploitation of oneself and others, for example moderate production and consumption. Reasonableness means application of ration in decision with profound consideration of factors concerned and potential effects. Self-immunity means readiness and sufficient protection from impact arising from internal and external changes. We shall adhere first and foremost to the principles of honesty, patience, perseverance, diligence, wisdom and ultimately integrity and sharing for collective benefits and well-being.

In terms of natural rubber, the government shall implement appropriate scheme on price stabilization in consistent with price mechanism of global market. Additionally, the government shall strengthen domestic consumption of rubber raw material for processing into rubber products, for example vehicle tyres, rubber gloves and medical gloves for domestic consumption instead of importing finished goods from abroad. This will help add value to Thai rubber and ease rubber price volatility of the country. Furthermore, it shall encourage and promote consumption of natural rubber to increase the consumption ratio of natural rubber over synthetic rubber, emphasizing its environmentally friendly aspect.

Currently, farm latex price at which rubber growers sell out stays at 80-90 baht per kilogram and is subject to volatility in price mechanism and global economy. Hence, rubber growers should save and spend prudentially, applying his majesty’s philosophy of sufficiency economy to lead your life and work. Rubber growers should also grow other crops along with rubber – rice farming and animal husbandry for food security and to meet the four requisites for living a life i.e. food, clothing, housing and medicine. Rubber tree itself can be used for housing. This also applies his majesty’s theory of mixed farming which gives long-lasting benefits for life.

The Thai Rubber Association would suggest that rubber growers and every sector concerned apply the King Bhumibol’s theory of sufficiency economy which brings about well-being in general and sustainable development of Thai rubber industry in particular.