| Countries around the region will succumb to the global financial crisis, but Panama will be one of the fastest-growing economies in Latin America this year, thanks in part to the $5.2 billion expansion of the Panama Canal and a solid banking center. In article published by the Latin Business Chronicle said that the canal expansion together with other investment projects planned by the government in other types of infrastructure should sustain growth, although exports to US and Europe are declining. According to the Chronicle the prognosis is impressive bearing in mind that Panama is the country in Latin America that depends most of global trade, which is expected to see steep falls this year. The blog pointed out that even Panama´s blue chip companies such as Copa airlines are expected to do well this year despite what appears to be a grim outlook for travel and tourism worldwide. Citibank expects Copa to boost its net income this year despite a 6.3 fall in revenues. Apr. 14, 2009 The National Secretariat of Energy presented their national energy plan for the 2009-2023 period, which includes an investment in the energy sector just shy of $2.33 billion. The plan contemplates investing $1.16 billion in power generation plants, $158 million in transmission, $581.8 million in distribution, $203.5 million in interconnections, and $222.7 million in bio-fuels. The 17 power generation projects already in the pipeline are slated to begin operating between 2009 and 2012, which would expand the capacity of the system by 1.024 megawatts. At present, the system has a generating capacity of approximately 1,500 megawatts, while the record demand of the 700,000 energy consumers across the country, recorded just las Monday, reached 1,091 megawatts. Apr. 27, 2009 The Cabinet passed a decree last month reducing the borrowing capacity of the country´s retirees from 75% to a maximum of 50% of their net salary. Not only does this new regulation mean that retired people will have less buying power, they will have less flexibility in transferring banks, since many live on fixed incomes. Vice President of Banca de Personas at Global Bank, contends that the lowering of the debt ceiling will inevitably impact competition between banks since fewer clients will be taking out loans. Former banker Luis Moreno, however, looked favorably on the government´s decision. "With tighter reins on debt, retired people will now have a greater buying power and the banks may feel more confident being in tune with the new policies." May 19, 2009 Canadian real estate associations are preparing drafts to do business with Panama. The Free Trade Agreement (FTA) between Panama and Canada is progressing well according to a group of Panamanian businessmen, who went to Toronto, Canada to promote investment opportunities that Panama offers as a Business Hub of the Americas, with a potential market of 900 million consumers. The visit was particularly important for the real estate sector, that is promoting Panama as the ideal place to have a second home, to retire or as an investment, especially now that the world is in crisis. After several meetings between the Panama Real Estate Agents Association (Acobir), Toronto Real Estate Board, the Ontario Real Estate Association and Trade & Investment Services Alliance Network it was agreed to prepare drafts for future agreements whose goals will be to open opportunities for real estate agents in both countries, bearing in mind the advancements made towards the approval of the FTA between Panama and Canada. May 27, 2009 A new tourism project has been slated for Playa Corona, in the district of San Carlos, that will cost an estimated $14 million according to its promoters. The project, titled the Condo Hotel Ibiza Playa Corona, will start construction either late this year of early 2010. It is slated to occupy an area of 500,000 square meters and compete with other real estate projects in places such as Coronado, Rio Mar & Farallón. The work is being carried out by the promoter Proyectos Playa, in conjunction with Rent ability & Investment (R&I) International & a Spanish investment group, Urbanizaciones Rhiconsa. The project calls for the construction of a tower of 12 floors with apartments of one to three bedrooms. An initial price for these units starts at just over $84,000, but that amount could increase if there is enough demand. The project also calls for the construction of a beach club, restaurant & conference facilities. Eynar González, director of marketing & advertising for R&d, said that the work will benefit residents of the area re. employment. Ït´s good that more projects are coming to the area," said Nicole Angel, director of marketing for Nikki Beach Playa Blanca Resort. "It will eventually become a world-known destinction, much like Cancún." June 1, 2009 In the 2009 Institutional quality Index ICI, Panama ranked fourth in Latin America but its position among the 192 countries assessed was much lower, ranging in at number 68. The regional countries that ranked ahead of Panama were Chile (24), Uruguay (52) & Costa Rica (60). The ICI is a compilation of eight global indexes which rank countries on a variety of issues, such as business & economic growth, social development & Public safety. It is commissioned by the Liberty Foundation, which funds it to provide Panama´s civic leaders with guidance on the direction of the country. According to the ICI, Panama scored well in the areas of competitiveness, economic freedom & ease of doing business & commerce. But it was weak in areas such as corruption, press freedom, quality of education & social equality. In terms of economic growth, Barreiro, the foundation´s director, said the progress in this area has been "indisputable," but the lack of progress in other areas has offset those gains. To improve its standing, Panama mus promote competition through decentralization, deregulation, greater accountability & transparency, Barreiro said. June 6, 2009 In the first five months of the year, the demand for housing on rent in Panama City fell 18%, according to statistics by the Association of Panama Realtors (API). Added to the fall in occupancy rates, statistics from the Economic Affairs Directive of the Chamber of Commerce show that the price per squared meter in Balboa Avenue has fallen from $3,000 to $2,500, & in San Francisco from $1.900 to $1,600. For the real estate analyst Jose Boyd, the decline in occupancy rates in Panama City is a "momentary phenomenon". "Recovery signs will return by the end of the year, when world economies end up recovering," said Boyd. "The real estate market is changing. Three years ago the main tenants were people coming from the United States, Canada & Spain. Today investors come mainly from Venezuela, Ecuador, Costa Rica, & Colombia," claimed the analyst. June 12, 2009 Panama will transform the ancient Howard air base, in a big airport to attract European tourists who think about how to know the Latin-American destinations, & for its necessary more direct flights. The Panamanian Tourism Authority (ATP) manager, Salomón Sharmah, confirmed it, after this country received the certification of the Main Plan of Sustainable Tourism 2007-2020, which applies in the public & particular investment. The certification in recognition of the World Organization of Tourism (OMT), to the best tourist programs in diverse countries, having in mind environmental & safety protocols. Shamah emphasized that currently 52% of the tourism that takes Panama as a destination come from Latin America, 36% from North America & 9% from Asian & Europe. August 2009 SEATTLE Boeing recently completed a critical design review for Required Navigation Performance procedures (RNP) at Panama´s Tocumen International Airport & Howard Airport. The critical design review, assesses the "fly-ability" of procedures & ensures compatibility with airlines crew procedures. Boeing, will provide RNP procedures under contract with Panama´s Civil Aviation Authority (ACC). Boeing & Jeppesen worked closely with AAC & Copa Airlines to incorporate their requirements into the final RNP procedures. These procedures will support flights into the Panamanian airports for any airline. August 21, 2009 Grupo Los Pueblos has already begun laying the groundwork on what will indisputably be Panama´s premiere luxury residence in the decade to come. The first step in the creation of Ocean Reef Islands has already been taken, a small man-made islet in the bay. It can be seen from many points in the city, most notably from the southern most point of the Punta Pacifica neighborhood, where road access will be provided. There will be two islands, with fantastic South Florida-style mansions set on large home sites. Almost all of the island residences will be waterfront, with a few select low rise condominium units available in the center of the islands. September 18, 2009 Panama will have a population of 3 million 504 thousand 483 persons in the year 2010, with a hythm of growth of 2 percent per year, in accordance with estimations that the Controller´s office of the Republic did. The census is the inventory of all present inhabitants in the territory, including jurisdictional waters. October 2009 350,000 companies are registered Panama has become the leading country in Latin America for opening a business according to how easy it is to register a company in a country. With law 5 of January 11, 2007, the office of PanamaEmprende was created, under the administration of MITI, & the Notice of Operation representation was established, which is the only required process for the initiation of a commercial activity in the Republic of Panama. November 2009 Panama will have a population of 3 million 504 thousand 483 persons in the year 2010, with a hythm of growth of 2 percent per year, in accordance with estimations that the Controller´s office of the Republic did. The census is the inventory of all present inhabitants in the territory, including jurisdictional waters. October 2009 350,000 companies are registered Panama has become the leading country in Latin America for opening a business according to how easy it is to register a company in a country. With law 5 of January 11, 2007, the office of PanamaEmprende was created, under the administration of MITI, & the Notice of Operation representation was established, which is the only required process for the initiation of a commercial activity in the Republic of Panama. November 2009 Punta Pacifica is one of the newest urban development, with luxurious towers with view to the Pacific Ocean, boasts of having the highest skyscrapers of Latin America. It is already mentioned in the streets that Panama is a small Miami. Multiplaza Pacific Shopping Malls in the area is also provided with irresistible offers. For those who sigh for a computer, camera or a pair of brand name shoes, you can access to Albrook Mall for the bargains. The Avenida Balboa, where the sun rises through the Pacific Ocean, opened some months ago a coastal beltway to improve the traffic flow in the area, offers green areas for outdoor activities, cycle path & pedestrian path plus lookouts. The city also show a selection of elegant neighborhoods. Costa del Este, with an indelible step trace of the Americans for this area, stands out for its gardens, parks & residences. Apart from all these, Panama Canal is still the principal attraction, plus the natural reservations with the biggest biological diversity & natives who still preserve their craft & culture. |
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Panama Signature Realty
Ph. (507)6675-0250
(507)6980-3288
(507)265-7020 or message Copyright 2008 Panama Signature Realty
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alt. laurosalind@yahoo.com
panama.signature4u@hotmail.com
P.O. Box 0833-00069, Panama City, Panama
Ph. (507)6675-0250
(507)6980-3288
(507)265-7020 or message Copyright 2008 Panama Signature Realty
skype Panama Signature Realty All rights reserved
alt. laurosalind@yahoo.com
panama.signature4u@hotmail.com
P.O. Box 0833-00069, Panama City, Panama
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