Interview:Miguel Bolinaga Annual energy demand is increasing by 80-100 MW, exceeding supply growth. How can investment in generation be accelerated? MIGUEL BOLINAGA: Countries like Panama face the challenge of meeting rising power requirements in a timely, reliable and affordable manner. The installed capacity margins have been reduced due to accelerated demand, with annual average growth at…
Interview:Víctor Alberola Where and on what scale do you foresee new infrastructure investments? VICTOR ALBEROLA: Panama will retain its current infrastructure investment level irrespective of who wins the upcoming elections. The compromise is maintaining future investment, which is expected to be more than $10bn. Tourism and other services are yet to reach their potential due to a lack of…
Interview:Frank De Lima Which sectors are best placed to capitalise on the expansion of the Panama Canal? FRANK DE LIMA: The canal has been under Panamanian control for 13 years now, and while it has already transformed the country’s economy, we are still learning how to fully leverage this asset to drive wider growth and diversification. We are expanding the canal and opening two new port…
Interview:Raúl Alemán How do you assess current banking supervision? RAUL ALEMÁN: Since 1997, when the new banking law was approved, the Superintendency of Banks ( Superintendencia de Bancos de Panamá, SBP) has been working independently and adopting regulations to build a strong sector. More recently, this has involved greater supervision based on risks and using the same approach followed…
Interview:Augusto Restrepo Which factors will help the economy withstand any future global economic shocks? AUGUSTO RESTREPO: Panama’s distinguishing feature from other Latin American economies is its geographic position. This makes it a hub not only for transport but also for services, such as finance. In addition to attracting companies, we are also seeing that high-income expatriates are…
Interview:Rubens Amaral Jr How difficult will it be to wean Panama’s economy off heavy public spending? RUBENS AMARAL JR: Panama has benefitted from its infrastructure investments and from having one of the region’s most open economies. We have seen important investment flows coming from different countries for sectors such as commercial real estate, logistics, distribution and retail.…
Interview:Dino Mon What impact has the new Law 12-2012 had? DINO MON: The flexibility of the law is an interesting feature. It is open to new agreements and regulations coming from the Superintendency of Insurance and Reinsurance (SSRS), together with private sector players. Technical regulations are not written in the law. In fact, it covers only some basic structural and commercial aspects.…
Interview:Daniel Isaza Is there room for further public-private collaboration in the transport and logistics industry? DANIEL ISAZA: Yes, there is, and in many areas. Since the creation of the Logistics and Business Council (COEL), the mission has been to encourage the public sector to drive the integration and participation necessary to promote growth. The reception has been very positive…
Interview:Gabriel de Obarrio Has the 2012 insurance legislation created conditions for international mergers and acquisitions? GABRIEL DE OBARRIO: It was the right step for the financial sector to move to the next level as our legal framework was completely out-of-date. There are now 32 insurance firms and the need for stronger supervision was pressing. This new legislation has given the authorities…
Interview:Pedro Heilbron How will the expansion of Tocumen International Airport impact the wider transport sector? PEDRO HEILBRON: The new South Terminal, which will add 20 new gates, will allow the Panama aviation industry to continue taking advantage of growth opportunities. The South Terminal expansion is a three- to four-year project that is going faster than originally planned. Of course,…
