Author: spieper

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…

PANAMA CITY, Panama – Panama has secured the third-highest position in Latin America for financial inclusion, according to the 2025 Financial Inclusion Index (IIF) released by Credicorp, a Peru-based financial holding company with a presence in Panama through ASB Bank. The country achieved a score of 55.5 points in the annual study, placing it behind only Argentina and Chile in the regional ranking and reflecting a competitive and consolidating financial system.The index, now in its fifth edition, measures levels of access, use, and perceived quality of the financial system across eight Latin American countries. Panama has demonstrated a positive trend…

The National Association for Nature Conservation (ANCON) celebrated its 40th anniversary in Panama City on Monday, highlighting its enduring commitment to environmental protection and promoting a culture of sustainability throughout Panama. The organization used the milestone event to recognize corporate partners, dedicated member families, collaborators, and volunteers who have supported numerous conservation projects over four decades.During the ceremony, ANCON presented special recognition to Environment Minister Juan Carlos Navarro, who served as the foundation’s first director. The organization also acknowledged the contributions of historical leaders and allied families, including the Motta family, whose consistent support has been instrumental in protecting the…