Panama Consumer Prices Up 0.7 Percent yr/yr in June | Weekly News Roundup, July 14th, 2017

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Panama consumer prices up 0.7 percent yr/yr in June

Inflation is on the minds of a lot of Panamanians these days, and as a result, the government is looing into it seriously. Prices appear to be on the rise pretty consistantly, and according to new data, it’s more than just a sensation.

Panama consumer prices were 0.7 percent higher in June compared to the same month last year, the country’s national statistics office said on Wednesday.

In May, consumer prices had risen 0.8 percent compared to the year-ago period.

Source: Reuters

Panama Canal featured in “Impossible Engineering.”

The first episode of the new series explores the building and extension of the Panama Canal. The 77km canal between Colon and Panama City was first used in 1914 and the vital international shipping route got an upgrade in 2016 in the form of the Panama Canal Extension.

A whopping 150 million cubic metres – that’s the equivalent of 60,000 Olympic-sized swimming pools – of earth were excavated in a $5.25 billion project to create two new lanes of locks.

Each giant lock is the length of four football fields and can lift even the world’s biggest ships 26 metres above sea level.

None of this modern project would have been possible, however, without the pioneering work of previous generations of engineers. Even the original builders of the Panama Canal had a debt to pay to previous generations.


Panama makes a final offer to Cuban migrants: $1,650, a plane ticket and permission to return.

Panama’s deputy minister of public security on Friday made a final offer to Cuban migrants staying at a temporary shelter in that nation: $1,650, a plane ticket to Havana and a multiple-entry visa that would give them legal entry to visit the Central American nation.

The government’s offer — an attempt to resolve the dilemma for U.S.-bound Cubans who got stranded in Panama following the end of the so-called “wet foot, dry foot” policy in January — is limited to those staying at an encampment in Gualaca in the western province of Chiriquí.

“The option I am going to present is a voluntary repatriation process. It is the way to obtain a visa to return to Panama legally and have seed capital to procure a different future for you and your family,” Jonathan del Rosario told more than 100 Cubans gathered in the dining room at the Gualaca shelter. His address was videotaped and shared with el Nuevo Herald.

Source: Miami Herald


Chinese-Belgian Consortium Wins Panama Cruise Terminal Contract

After a long and arduous bidding process, a consortium formed from Belgium’s “Jan de Nula” and China’s “China Harbour Engineering Co.” won a $165 million contract to design and build a new cruise terminal in Panama. The terminal, which will be built at the Pacific entrance of the canal, will house international cruise ships adjacent to Panama City, something that has been in planning for quite some time now.

While Panama does have a number of cruises that end in Colon on the Caribbean side of the country, it doesn’t have the capacity to hold large-scale cruise ships on the Panama City side. Building a viable terminal will attract dozens of new ships to come via the Pacific, which will be a huge economic advantage for Panama City and its oceanside suburbs. The port/terminal will be public, and include parking for over 300 vehicles, buses, and trucks. According to the Panama Maritime Authority (AMP), it will serve up to 10,000 passengers at peak volume, and will have more than two hectares of green area and natural paths. The terminal’s structure will also be built with “green” building certification, limiting any negative environmental impact on the area.

Source: POLS Blog


About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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