Anti-govt demonstrators gathers during a protest rally at the Silom business district in Bangkok, Thailand, Oct 29, 2020. (PHOTO / AP)

BANGKOK - Thailand's former heads of government have been invited to join a proposed Reconciliation Committee to alleviate political tensions in the wake of anti-government street protests, Parliament President and House Speaker Chuan Leekpai said on Tuesday.

While Prayuth has supported the formation of the reconciliation committee, protest groups have threatened to remain on the streets until their demands are fully met

The House speaker told reporters at the Parliament that he has invited four former prime ministers, namely Anand Panyarachun, Chavalit Yongchaiyudh, Abhisit Vejjajiva and Somchai Wongsawat, to join the Reconciliation Committee, proposed by King Prajadhipok's Institute in an effort to avert a political crisis.

ALSO READ: Thailand to arrest activists wanting to curb monarchy powers

Chuan said Anand, Chavalit and Abhisit have agreed to join the committee among others while Somchai is yet to respond. 

The protesters, who have been staging near-daily gatherings for almost three weeks, are demanding more transparency and accountability for the monarchy, a rewritten constitution, and the resignation of Prime Minister Prayuth Chan-Ocha, who had repeatedly refused to quit. 

The political unrest has eroded investor confidence with the benchmark Thai stock index extending losses to 23 percent this year.

Past Panels

While Prayuth has supported the formation of the reconciliation committee, protest groups have threatened to remain on the streets until their demands are fully met. 

The parliament will restart the stalled process for charter amendment on Nov 17, Chuan said on Tuesday. Input from the public will also be included in the discussions, he said, adding the parliament will vote on the pathways to rewrite the constitution by Nov 18.

READ MORE: Thailand to investigate those behind protests, premier says

“While ongoing political protests compound the challenging growth environment due to the coronavirus, the fallout might not be long-lasting, barring an escalation in tensions,” DBS Bank Ltd said in a report Tuesday.

With Bloomberg inputs