If caning a criminal is just as effective in deterring crime as jailing, then a case can be made for caning. In jail, criminals are not benefiting society. They are not feeding their families. They hold no jobs. Their lives are on hold.
Imprisonment is punishment, but punishment in slow-motion.
When criminals have been released from jail, their potential for success in life is reduced. Had they been caned and their behavior reformed, no significant impact would linger in their lives. They could continue with their jobs if they were employed, or look for work if they were not. If the criminal is young and still in school, his or her education is not as severely impacted. A long period of incarceration probably has side effects that will be with the offender for the rest of his or her life, whereas caning would punish without ruining that person's life.