Author: spieper

PANAMA CITY, Panama – The Panama Metro authority has announced a partial, month-long closure of the Pan-American Highway in the Arraiján area to facilitate ongoing construction for the Metro Line 3 project. The closures will affect both lanes of the highway from the access ramp to Roberto F. Chiari Road to Calle 2000, beginning Thursday, October 30, and lasting for four weeks.The scheduled closures will be in effect nightly from 9:00 p.m. to 5:00 a.m. The work is concentrated in the area of the future Arraiján Station, a key component of the expanding metro system. This traffic disruption is a…

PANAMA CITY, PANAMA – The Mayor’s Office of Panama has completed a major public lighting upgrade on the historic 5 de Mayo Bridge. This infrastructure project, announced on October 30, 2025, aims to significantly improve safety and security for the thousands of pedestrians and motorists who use the bridge daily.The initiative is part of a broader municipal strategy focused on citizen well-being and urban improvement. By installing modern, efficient lighting systems, the city government seeks to create a safer and more welcoming public space, particularly during nighttime hours. The enhanced illumination is expected to deter crime and reduce accident risks.Official…

PANAMA CITY, Panama – The Panamanian government has established a comprehensive new cargo inspection program designed to strengthen national security and combat international crime. The initiative, approved by the Cabinet Council on Tuesday, October 28, will be led by the National Customs Authority (ANA) in coordination with other government entities.The program, formally decreed as the “Program for Interinstitutional Coordination and Intergovernmental Assistance for Cargo Verification in the Territory of the Republic of Panama,” centralizes inspection efforts for all containerized goods entering, transiting, or leaving the country. The move aims to address a range of security threats, including organized crime, terrorism,…

PANAMA CITY, PANAMA – The Blood Bank at the City of Health (Ciudad de la Salud) is confronting a critical challenge in maintaining adequate blood supplies to meet the high demand from surgeries, hematoncological treatments, transplants, pediatric care, and medical emergencies. The institution has issued an urgent appeal to the public for voluntary, altruistic donations to ensure therapeutic support for hospitals nationwide.Health officials confirmed the supply shortage this week, emphasizing that the current blood inventory is insufficient to cover the complex medical needs of Panama’s primary healthcare complex. The situation threatens to impact scheduled surgical procedures and emergency response capabilities…

PANAMA CITY, Panama – The National Assembly of Deputies has approved the 2026 General State Budget, a $34.9 billion fiscal plan that includes an $11.2 billion investment program. The legislative body passed Bill 293 in its third and final debate, marking a critical step in the nation’s fiscal planning.The approved budget represents a significant increase of $4.18 billion compared to the modified 2025 budget. According to official statements, this increase is driven by unavoidable state obligations, including public debt payments, interest, and extraordinary contributions to the Social Security Fund (CSS). The final amount was modified after the Assembly’s Budget Committee…

PANAMA CITY, Panama – Despite a challenging macroeconomic environment and shrinking global margins, Latin American banks have maintained their position as some of the world’s most profitable financial institutions, with Panama emerging as a regional standout. The Global Banking Annual Review 2025 from McKinsey & Company reveals that Latin American banks generated $36 billion in net profits during 2024, achieving an average Return on Tangible Equity (RoTE) of 16% – significantly outperforming the global average of approximately 10%.This exceptional performance comes amid decreasing liquidity and normalizing profit margins worldwide. Panama distinguished itself among regional leaders with a RoTE of 17.1%,…

PANAMA CITY, Panama – The Panama Metro has reported significant progress on its ambitious Line 3 project, with the critical tunnel crossing beneath the Panama Canal now over halfway complete. According to engineer Carlos Cedeño from the Metro authority, the tunnel has reached a 53% completion rate, marking a pivotal milestone for the infrastructure megaproject designed to connect Panama West with the city center.The overall project is advancing on schedule, with Phase 1, stretching from Panama Pacífico to Ciudad del Futuro, now 81% complete, while Phase 2 stands at 42% completion. The substantial acceptance of the entire system between Albrook…

PANAMA CITY, Panama – Tocumen International Airport, Panama’s primary aviation hub, has projected it will mobilize approximately 192,000 passengers between October 28 and November 11 due to a significant surge in travel for the country’s patriotic celebrations. The airport authority has activated a special operational plan in coordination with national law enforcement and customs agencies to manage the anticipated influx of travelers during this peak period.The airport, a major gateway to Latin America and a key connection point for the Caribbean, expects November 1 to be the busiest day for departures, with an estimated 12,778 passengers. The highest volume of…

PANAMA CITY, Panama – BAC Holding International Corp (BHI) has announced plans for its subsidiary to acquire a controlling stake in Multi Financial Group Inc, a move that would create one of Central America’s largest financial institutions. The potential transaction was disclosed through a material fact statement published on the company’s official website.The company’s Board of Directors has called for a Shareholders’ Meeting to deliberate and decide on aspects related to the potential purchase of 99.56906% of Multi Financial Group shares by BAC International Corporation (BIC), a subsidiary of BHI. The transaction remains subject to regulatory approvals and authorization from…

The Mayor’s Office of Panama has authorized 164 temporary commercial permits for vendors operating during the country’s upcoming Patriotic Month celebrations. The permits, issued this week, are designed to regulate street vending and ensure public safety during the festivities in November 2025.This initiative formalizes commercial activity for a significant number of entrepreneurs and small businesses seeking to capitalize on the increased foot traffic. The permits grant official authorization to operate in designated areas, bringing structure to the traditionally bustling festival economy. The move is part of a broader effort by city officials to balance economic opportunity with municipal control.Official Authorization…