Get Out and Enjoy– Paint Art and Music

20 de junio de 2009 – Plaza Francia Casco Viejo
10:00 AM – 5:00 PM – Artists Painting / Artistas Pintando
7:00PM – ¿? – LIVE AUCTION / SUBASTA EN VIVO!! Lobby De INAC

“Wet Paint” is a biannual fund raising event and painting on-site – with WET PAINT AUCTION!!!

Artists from all over the country converge for a day in the amazing Plaza de France of the Plaza de Francia del Casco Antiguo, then in the afternoon the same day, selling their works through a live auction held to raise funds benefit of a project conducted by the la Oficina del Casco Antiguo en alianza con la Fundación Sinfonía Concertante de Panamá.

Wet Paint 2 coincides with “La Fiesta de la Música”, organized by the French Embassy. “La Fiesta de la Música”, is a festival of music and art born in France in 1982 whose goal is to open the streets to the public so that the general public can interact with professional and amateur musicians. Currently, the Music Festival is celebrated in over 100 countries!

“Arte en Vivo” es un evento bianual de recaudación de fondos y pintura en sitio

Artistas de todo el país convergen durante todo un día en la increíble Plaza de Francia del Casco Antiguo para luego, en horas de la tarde del mismo día, vender sus obras a través de una subasta en vivo, organizada con el fin de recaudar fondos a beneficio de un proyecto que realizará la Oficina del Casco Antiguo en alianza con la Fundación Sinfonía Concertante de Panamá.

Arte en Vivo 2 coincide con “La Fiesta de la Música”, organizado por la Embajada Francesa. “Fiesta de la Música” es un festival de música y arte nacido en Francia en el año 1982 cuyo objetivo es abrir las calles al público de manera que el público en general pueda interactuar con los músicos aficionados y profesionales.  Actualmente, el Festival de Música se celebra en más de 100 países!

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Panama is Reducing Deforestation due to Strong Economy

ANAM, the Panama environmental agency, has just released a study showing that deforestation in Panama has been reduced substantially in the last decade. According to the report 330,568 hectares of forest were cut between 1992 and 1999 while 109,494 hectares were cut between 109,494 hectares were cut between 2000 and 2008. This is a decrease of 221,072 hectares or about 550,000 acres (90 square miles).

This study comes as good news on top of research evidence that a large amount of Panama land is going back to forest as subsistence farmers take advantage of Panama´s booming economy to move to Panama City for better paying jobs. The research by the Smithsonian Tropical Research Institute shows that after leaving land alone for ten years in Panama´s fertile interior many trees reach 30 feet tall.

Panama is still waiting patiently as the Free Trade Agreement that it signed with the United States is put on the back burner again as the Obama administration works on health care issues. However the Free Trade Agreement is due to be signed before Martin Torrijos leaves office on July 1st and prior to Canada’s birthday on the same day

In the recently published Indices of Institutional Quality (Indice de Calidad Institucional) survey of national institutions Panama comes in 4th in Latin America, 17th in the Western Hemisphere and 68th worldwide. Panama moved up from 77th worldwide last year.

Doing well during the worldwide recession
Panama is doing well during the worldwide recession. In 2008 as the world´s major economies were contracting Panama grew its gross domestic product 9.2 percent. As workers were laid off elsewhere, Panama added jobs in 2008. In 2009 Panama looks to be growing its economy at somewhere between 3 and 5 percent. Construction is going forward on high rises throughout Panama City. There is no widespread unemployment in this Central American country.

Tonnage passing through the Panama Canal looks to be down about 3 percent compared to last year. However, the Panama Canal Expansion is going forward with the awarding of a contract for the Panama Canal Locks for the “third lane” of the Panama Canal in June or July.

The current locks are 304.8 meters long by 33.53 meters wide. This was the maximum size of a US warship in 1914. Today a boat that just fits the locks is a Panamax. Because there are many larger vessels these have not been able to transit the Panama Canal. On the Asia to USA route these vessels current dock on the United States West coast and their cargo travels over land.

The new locks are planned to be 427 by 55 meters and will accommodate a substantially larger percentage of ocean going vessels. Thus a substantial portion of cargo going to the East coasts of both North and South America is expected to transit the Panama Canal once the expansion project is completed in 2014.

With the election of a wealthy businessman, Ricardo Martinelli, as Panama´s new president one can expect the pro business, pro-investment environment in Panama to continue. Martinelli is talking about introducing a light rapid transit into Panama City to reduce the road congestion. More jobs for the people of Panama means less harm to the environment as the struggle to survive is eased.

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No Recession Yet… Keep Looking!

Panama is doing well during the worldwide recession. In 2008 as the world´s major economies were contracting Panama grew its gross domestic product 9.2 percent. As workers were laid off elsewhere, Panama added jobs in 2008. In 2009 Panama looks to be growing its economy at somewhere between 3 and 5 percent. Despite rumors to the contrary construction is still continuing, even on high rises throughout Panama City. There is no widespread unemployment in this Central American country. And rental properties are in high demand as many highly employed experts in various fields come to help Panama grow. Hotel rooms vacancy is less than 10% and that is in the off season.

Tonnage passing through the Panama Canal looks to be down about 3 percent compared to last year. However, the Panama Canal Expansion is going forward with the awarding of a contract for the Panama Canal Locks for the “third lane” of the Panama Canal in June or July.

The current locks are 304.8 meters long by 33.53 meters wide. This was the maximum size of a US warship in 1914. Today a boat that just fits the locks is a Panamax. Because there are many larger vessels these have not been able to transit the Panama Canal. On the Asia to USA route these vessels currently dock on the United States West coast.

The new locks are planned to be 427 by 55 meters and will accommodate a substantially larger percentage of ocean going vessels. Thus a substantial portion of cargo going to the East coasts of both North and South America is expected to transit the Panama Canal once the expansion project is completed in 2014.

With the election of a wealthy businessman, Ricardo Martinelli, as Panama´s new president one can expect the pro business, pro investment environment in Panama to continue.

Easy residency requirements
Panama continues to have easy residency requirements for those wishing to make their home in the tropics and residency includes many savings including 25% on flights originating in Panama. One can obtain residency in Panama with a pension of $1,000 a month plus $250 a month for each dependent. As the housing market has cooled off somewhat, prices for a Panamanian home are extremely attractive, even compared to the depressed market in the United States, with exemptions from property tax making them extremely attractive. As the worldwide recession starts to resolve, real estate in Panama will again begin to appreciate whereas markets such as the United States may remain depressed for years to come.

People looking to live on a budget will easily find homes and a lifestyle in Panama that they could not otherwise afford and gaining residency is relatively easy. If they want to start a small business, there is lots of opportunity. If you have a little money invest in an existing business and rent while you earn a great income. There are even apartments where you can “rent to own” but this situation is unlikely to last long.

We reiterate our recommendation that those who are looking for real estate or investment opportunities in Panama are here at the right time. The high end of the real estate market will likely remain in “pause mode” for some months and then regain momentum. A wise investment at this time in Panama residential or commercial property, or a small business will reap rewards for years to come.

As all good investors know. Buy when everyone else is fearful.

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The Bay of Panama Needs Your Help

Next meeting of the Panamcham Environmental Committee occurs Tuesday, June 16th in the offices of Panamacham at noon… 17th floor of the Banesco builiding on Aquilino de la Guardia. All are welcome.

*Leslie Enrique Marín Lascano, an attorney with *The Panama Audubon Society and Rosabel Miro, Panama Audubon Society’s Executive Director will give a presentation on the “Conservation Plan for the Bay of Panama”. The Bay of Panama is internationally recognized as the most important area
for shorebirds in all of Central America, and it’s mangroves and mudflats play a key role in the ability
of these shorebirds to thrive.

Mangroves are also important for the local economy since they serve as nurseries for many commercially-important species of fish, while at the same time they serve as a filter for upland run off
and a buffer against severe wave action during intense tropical storms.

All these benefits are in danger. Many proposed and current activities are negatively affecting the Bay of Panama’s natural resources. That this is allowed to happen without comment is because the press is unaware of the environmental impact and especially because Panamanian citizens are not fully aware of the economic, environmental and cultural value of the mangroves and mudflats. The loss of these vital resources would be a tragedy for both Panama and the world.

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Is Panama Recession-Proof?

42% Growth in Industrial Sector
Recession? What recession?

Growth in the industrial sector of Panama grew over 42% in the month of March compared to last year for the same time period, according to the May 12th Martes Financerio. These kinds of numbers are a very positive sign for the macro economic picture in Panama, and this type of growth will inevitably affect other areas, including housing absorption and local commercial growth.

One particular company that the report highlighted was Cemex, the worldwide producer of concrete based out of Mexico and with locations all over Panama. Cemex will be ramping up production capacity in anticipation of the Canal Amplification project, which is already underway.. The ” big ” contract is expected to be awarded in August, when bids that have been sealed in a vault will be opened. Stay tuned here for the results of the big one!

Is Energy Panama’s Achilles heel?
It’s nice to report the good news, but the picture isn’t as rosy as some would have you believe. The cost of living is increasing at an alarming pace, and while it is still a fraction of what we are used to paying in the States or Canada, Panamanians made this a major issue at the polls. Energy costs have been going up for the past two years and Panama remains one of the most expensive countries in Latin America in terms of cost per kilowatt hour. President-elect Martinelli has vowed to combat rising energy costs through continued investment in power generation capacity, some of which will be coming online as early as the 4th quarter of this year.

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