Money

Panamanians Get a Raise in 2018

Panama has a new minimum wage. As of January 1, 2018, workers will now earn an average 6.5% more in large companies in Region 1 or a minimum wage of $721 if the math is correct. Employees of small businesses – those with 10 or less permanent or plant workers in agricultural, livestock or service…

Panama and China Grow Ties in Wake of Break

Panama and China are moving full-speed ahead after the Central American country ended its long-standing relationship with Taiwan in June. During Juan Carlos Varela’s visit to China this week, Chinese President Xi Jinping praised the Panamanian president for his great vision, political courage and responsibility in establishing diplomatic ties based on a One-China Policy. “This sends an important…

Lottery Makes Record Sales

The National Lottery sold nearly $522.4 million in tickets during the first nine months of 2016. That represents a 3.5% increase from the same period the previous year, or close to an additional $17.9 million. After pay outs and commissions, profits totaled $106.7 million, which is $11.3 million or $12.2% more than last year. See Also: the Office of…

Metro ATMs Are Coming

As of December, all 14 of Panama City’s metro stations will have automated teller machines. There will be a total of 24 machines representing Banco General, Banistmo and BAC, servicing over 240,000 passengers. Each bank will be responsible for maintenance of their ATMs and make a monthly payment to the Metro for use of the…

Casco Viejo Tax Break Extension on Table

The National Assembly will consider a two-year extension of the tax benefits granted to investors who develop projects in Casco Viejo. The previous law passed in 2013, which provided for preferential mortgage loans, 30-year property tax exemptions, five year exemptions from transfer taxes and exemptions on construction equipment and material- has expired. The benefits are available only to projects of…