IDB loan for US$70 million to benefit more than 38,000 Panamanian students

IDB loan will assist Panamanian children

Inter-American Development Bank News Release
June 7, 2012 – News Release

IDB loan for US$70 million to benefit more than 38,000 Panamanian students

The Inter-American Development Bank approved a loan for $70 million to provide innovative educational infrastructure to 47 communities in Panama that will benefit more than 38,000 students. The goal is to expand educational opportunities and encourage students in marginal and indigenous areas to complete basic education.

More than a third of Panamanians between the ages of 13 and 17 do not attend school. Coverage levels are especially low for the groups targeted by the program. For example, in the Ngäbe-Buglé and Guna Yala indigenous administrative regions, only 43 percent of youths attend secondary school.

The IDB financing will be used to expand and equip 20 primary schools to include grades seven to nine and construct two model schools that will have innovative facilities and will employ a new pedagogical and educational management approach. These investments are expected to result in the matriculation of 10,000 new students from preschool through secondary school.

In addition, the program will providing 47 schools with classrooms designed to facilitate learning. The basic curriculum will be updated to prepare students for the challenges of the 21st century, and training and support will be extended to staff and faculty in school management, pedagogy, and curriculum content.

Only 62 percent of Panamanian schools have drinking water in Panama, compared with 77 percent for the Latin America and the Caribbean as a whole. Half have adequate sanitation, compared with 65 percent for the region

Studies indicate that the quality of a school’s physical environment directly affects both the motivation and behavior of teachers as well as learning, discipline, and attention levels of the students.

Schools benefiting from the program are located poor areas with high dropout rates in the provinces of Panamá, Coclé, Colón, Chiriquí, Los Santos, and the indigenous administrative areas of Ngäbe-Buglé and Guna Yala.

The financing was extended for a 25-year term with a grace period of four years and a variable interest rate based on LIBOR. Counterpart funding totals $10 million.

New release thanks to IDB website: http://www.iadb.org/en/news/news-releases/2012-06-07/panama-will-improve-school-infrastructure,10017.html

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Canada – Panama Free Trade Agreement to be Signed

PANAMA – The long awaited Panama-Canada Free Trade agreement will be signed in Toronto Canada on May 14th said Panama’s Commerce and Industry Minister Roberto Henriquez. The countries completed the agreement early this year and the agreement would give Canada immediate access to Panama’s markets and services while Panama’s access is tied to a deadline. Both countries need to ratify the agreements in order to start up trade. We were told that before the end of 2010 they would be operational.

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Investment Grade Panama

Fitch Upgrades Panama´s Investment Grade

Development: On 23 March the international credit ratings agency Fitch upgraded Panama from BB+ to BBB-.

Significance: The upgrade is a victory for the rightwing government of President Ricardo Martinelli, making Panama the fifth Latin American country to reach this category, alongside Brazil, Mexico, Chile and Peru.

It follows Martinelli’s recent tax reform which was aimed at increasing access to finance and reducing the cost of doing business in Panama. The reform, which takes effect in July, raises VAT from 5% to 7%, cuts income tax and reduces the corporate tax rate from 30% to 25%. That VAT increase move has been lambasted as regressive by unions and popular movements. As well as simplifying the tax code by abolishing over 30 duties, the reform cuts taxes on banks with assets of between US$100m and US$750m but raises taxes on those with assets of over US$750m.

Fitch singled out the tax reform as one of the reasons for the upgrade, along with Panama’s ability to weather the recent global financial crisis. The agency noted that despite the fact that Panama’s real annual GDP growth rate slowed to 2.4% in 2009, from 10.7% in 2008, it still had one of the highest growth rates in the region and amongst other BBB rated countries.

The upgrade could help Panama in its efforts to secure a Free Trade Agreement (FTA) with the US, which has been ratified by Panama but is pending approval by the US congress. Panama’s lack of tax transparency has been a major concern for the US.

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22% of the World´s Ships are Flying the Panamanian Flag

Panama has 22% of the World´s Ships Flying its Flag
Machine translated from the original article in La Prensa:

Wilfredo Jordán S.
wjordan@prensa.com
http://mensual.prensa.com/mensual/contenido/2009/08/18/hoy/Negocios/1891335.asp

In 2004 there were 6061 ships registered by the Panama. Now, in agreement with the official registries, there are 8661 ships.

Between 2004 and what goes of 2009, Panama registered 2600 ships and about 40 million tons of gross registry, that means a growth of 41% in this period. At the closing of 2004, 6061 ships registered by Panama with 168 million tons of gross registry existed. At the moment the country has 8661 ships with 202,979,000 tons. These numbers represent 22% of the world-wide marine fleet, in comparison with the main competitors of Panama: Liberia, that has a registry of 2639 ships and Marshall Island, with a count with 1612. “We have like the Government, the commitment that the income from this institution gets to the people who need it”, the administrator of the AMP, Linares Robert commented. The approximated net income of the AMP by the registry of ships calculate in 80 million dollars a year. In 2004 this income was 52 million dollars and in 2008 it went up to around the 78 million dollars. In indirect income, it is calculated that the registry of ships generates more than 100 million dollars a year. If the smaller ships of 100 tons are included, Panama has more than thousand registries.

Ships Registered under the Panamanian Flag

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More on Cinta Costera, Panama City, July 1st 2009

Today the new Cinta Costera walkways along Ave. Balboa were packed with holiday goers (located on the Pacific Coast of Panama). This morning, hundreds of people walked, biked, jogged, played, skate boarded, roller bladed along the new walkways.

Today is the swearing in of the new Panamanian President Martinelli at the Atlapa Convention Center so it is a National Holiday in Panama (Canada Day as well- a holiday in Canada!).

SCROLL DOWN THE BLOG PAGE 2 STORIES TO MORE CINTA COSTERA PHOTOS.

Cooling off by the Cinta Costera Fountains in Panama City

Great spaces to Walk, Roll, Bike….. Cinta Costera

Kids playing at the Cinta Costera playground

Balboa Statue on Cinta Costera Parkway in Panama City, Panama

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Live and Invest Overseas, Panama 2009

Speaking at the Live and Invest in Panama Conference

I was invited to speak at the Live and Invest Overseas Conference a while back in Panama City. The Conference was very well organized by Kathleen Peddicord and Lief Simon; attendees flew in mainly from North America for from several days to several weeks to explore Panama.

My subject this conference (I had spoken a number of times for previous International Living Conferences) was “Opening a Business in Panama – Our Experience”. We also set up an information table about Taboga Island and our B&B Inn Cerrito Tropical.

Conference Table for B&B Inn Cerrito Tropical

People often ask me, if not for financial gain, why do I speak publicly at these types of Expat / Investment conferences?
My answer is quite simply, I love the challenge of speaking to a large group, and the opportunity to speak about Taboga Island.

Expat

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Panama City: Segundo Muelle Peruvian Restaurant

Restaurant Segundo Muelle in Panama City

Loved It!

Excellent Peruvian restaurant in San Fransisco, Panama. We went recently, the service was top notch, the food delicious, elegantly presented, price for Panama City was mid to high depending on what you order, decor modern.

I won´t get into a flowery description of what we ate here because it was all delicious, you can get a better idea from the menu online, complete with photos. Dessert was fabulous, we devoured the “Crocante de Lucuma”.

I will attach the website which has the menu with prices, directions, photos, check it out here:

http://segundomuelle.com/panama/index.htm

Location: Calle Crisantemos Nº 16 esquina con calle 68, corregimiento de San Francisco, Ciudad de Panamá.

Tel: (507) 3919234 Fax: (507) 3919235

Reserve via e-mail: sanfrancisco@segundomuelle.com

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New Tropical Mango Recipe Added to the Food Page

It is Mango Season in Panama again!
Check out the new Mango Pineapple Marmelade recipe under our food page (link is at the top of this page), as well as other delicious tropical recipes!

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Panama Carnival 2009, Taboga Island

Carnival Queen

Carnival 2009 promises to be another exciting event on enchanting Taboga. Carnival is safe and fun on this little island of beaches, quaint candy-colored homes and lush green hilltops. So close to Panama City you can see it, but so far away in terms of hustle and bustle.

SCHEDULE: Friday February 20th will be a warming up to the year´s biggest party, Carnival. The celebration lasts from the 21 – 24 Feb 2009 and ends day before Ash Wednesday, the beginning of lent. Lent in 2009 will start on Wednesday, the 25th of February and will continue for 46 days until Saturday, the 11th of April, the day before Easter which falls on April 12th this year.

SOME BACKGROUND: Because of its excellent harbor, Isla Taboga was founded even before Panama City by the Spaniards, and prior to that there were numerous races represented on at least a transient basis: it was a favorite pirate port hosting such infamous pirates as Captains Morgan and Drake, and it is said that Asian and Pacific island fisherman would travel to Taboga after crossing the ocean in search of the big catch, or caught in a Pacific storm. Evidence of indigenous people can be found in several caves on the island. Its rich history gives it a depth and traditions that many communities don’t possess. Carnival, among several other holidays during the year is very important to this small island of less than 1000 inhabitants.

I have been told that Taboga Island hosted the first Carnival ever in Panama. Panama City and Las Tablas host the biggest, wildest events while Taboga is popular because it is much more laid back. The music pipes out until the wee hours of the morning so luckily our B&B Inn Cerrito Tropical is set far several streets away from the main drag.

WHAT TO LOOK FORWARD TO: The festive spirit on Taboga seems to last for days. Music and dancing on the streets, and daily carnival parades. I cannot forget to mention the daily water fights… as passers by walk along the streets buckets of water are thrown, kids spray water from their pistols or throw water balloons, trucks pass by with more buckets! So expect to get wet. Many people come to simply get away from the city carnival to relax at the beach with their family and friends.

The different days of the carnival often have their own themes but Taboga is a small village so parades are in proportion and except for the costume changes, one is not greatly distinct from the other, but all are enjoyable and FULL of great photo ops. There are parades scheduled at day and night. Since Taboga is a laid back island visitors cannot rely on the schedules or starting times much. When it happens, it happens.

MUSIC ON THE STREETS: There will be a typical Panamanian folkloric band (a Murga) and that is always fun. A Murga has been compared to a Dixieland street band with followers… they often compete against each other… groups from Calle Arriba y Calle Abajo…basically up town and down town…with brass and drums; Murgas are often followed by a truck with water as well, hosing the party-goers.

CARNIVAL ON THE WATER: There is a tradition of people taking their boats in a parade around the island, always a cool way to spend some time and take a break from the street party!

THE GRAND FINALLY: As Ash Wednesday dawns, the celebrations draw to an end, with the symbolic burial of sardines at the beach (and many partygoers who are still in the festive mood, jump in the sea as well).

Look forward to latin dancing, cold beer, parades, and relaxing at the beach during Taboga Island Carnival.

For rooms during Carnival, contact B&B Inn Cerrito Tropical. Email: info@cerritotropicalpanama.com, Tel: 6489-0074

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Canadian charters to offer full-fledged flights to Panama

I borrowed this from Sam Taliaferro´s Panama Investor Blog where you can subscribe to his regular newsletter, very informative on Panama events from a business perspective.
http://primapanama.blogs.com

Excerpts from La Prensa

The Canadian airlines currently offering charter flights to Panama may start providing regular flight services during peak travel seasons.

Canadian Transport Minister John Baird announced that Air Transat would operate two flights a week from Tocumen, while WestJet reported it would schedule a single flight each week. Flights will operate between November and April.

Representatives for Air Transat, which has offered two weekly charter flights Montreal, Quebec, and Panama City, Panama, since 2003, said the new service will be similar to that currently offered.

As of September, some 33,649 Canadian tourists have arrived in Panama, according to the Tourism Authority of Panama.

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Snorkeling on Taboga Island in Panama

Snorkeling on Taboga Island

Two weeks ago we booked a “round-the-island” snorkeling trip to scout locations for our guests.

Parrotfish

I am a retired PADI instructor and have taught and guided excursions in Australia, Canada, the Caribbean Islands, and wrote a dive guide book for the Tourism Bureau of Curacao N.A. — I am critical of dive and snorkel sites for my guests, and don´t impress easily. Here is what we found.

Pacific snorkeling is quite a different than the Caribbean. Expect more current, less coral, and lower visibility. Don´t attempt offshore snorkeling unless you are a strong swimmer with your own fins, a buddy, and a guide.

Snorkeling by Panga, Playa Hobo Taboga Panama

We set off 8 am on a sunny day with a local guide in his panga, accompanied by a friend and guest from Australia. Conditions were almost perfect, visibility good at 15-20 feet with plenty of tropical fish around to entertain us including a very large parrot fish. We spotted a number of large brain coral and plate coral. Find an excellent coral guide at this link: http://coralpedia.bio.warwick.ac.uk/.

Snorkeling Buddies Taboga, Panama

Because of the strong current present the panga drifted with us as we snorkeled; “drift snorkeling” we dubbed it. We then headed off in the panga to the wild back of Taboga past the Brown Pelican Preserve and afterward to snorkel a shallow hull from a wreck by Isla Uraba. On the way back to Taboga our guide slowed and followed a large green sea turtle. We were thrilled, and strained to see the big guy who surfaced to check us out. A brown pelican was following so the turtle didn´t stay up long, giving us just enough time to snap a couple of photos. Almost back to the beach I asked to see the coral gardens nearby. There was a large area of coral, some clean but other parts unfortunately covered with algae or bleached due to the changing conditions in the area.

Sea Turtle Underwater, Taboga Panama

Back at the beach settling up, the trip took a total of 2 hours and we all agreed worth the effort of getting up early on a Sunday morning. $50 plus tip for 4 people without snorkel gear.

While Taboga is not the best area I have experienced, it was entertaining, at times challenging, and we enjoyed snorkeling amongst the island´s thriving ocean life.

To enjoy snorkeling by boat around Taboga island, Panama, contact B&B Inn Cerrito Tropical. We organize trips for our guests with local guides.
Email: info@cerritotropicalpanama.com
Tel: 507-6489-0074

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Los Camisones Restaurant, Panama Interior

Red snapper and shrimp

We recently visited the beaches in the interior of Panama along the Pacific Coast and stopped at Restaurante Los Camisones. A little hard to find, on the main Pan American highway drive past Coronado, look for the El Valle turn off it is about 5 minutes past the turnoff on the right hand side, you can spot a sign where you should turn up a small hill. There is no forwarning to let you know where the turn is. The gardens and bohio (large thatched roofed area where the restaurant is) are lovely and well kept.

Deliciously prepared Spanish and Panamanian food with attentive service. I was told to order Paella in advance which I did not because our visit was a spur of the moment thing. In case you want it, order 1 hour in advance, their number is: 993-3622.

Appetizers run from $4 for Corvina Ceviche to $9.75. We ordered the Greek Salad ($4.75). It’s a delicious Greek salad with onions, olives, green peppers, and feta cheese served in a lettuce bowl.

Main courses run $7 for Corvina (Seabass) to $21 for Lobster Thermador; the mains do not come with vegetables. We ordered a sides of potatoes, fried yucca and rice. We enjoyed fresh jumbo shrimp and red snapper. Both the food and service were excellent.

Open 7 days a week.
Owners: Tomas and Beatrice Camison
Tel: 507-993-3622
La Ermita
San Carlos KM 104
Panama

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Punta Pacifica Hospital, Panama City, Panama: Orthopedic Clinic Experience

Medical Care in Panama City, Panama

Punta Pacifica Hospital Orthopedic Clinic in Panama City, Panama: Pensioners´ Experience

Following my story on Santo Thomas Hospital in Panama City, other friends relayed the following experience to me. Our friends are jubilados (pensioners) and live here in Panama. They both had some orthopedic trouble and set off for the Orthopedic Clinic at Punta Pacifica Hospital (affiliated with John Hopkins Hospital in th US). One had foot problems and the other had pain in their knee. They were attended to immediately by the English speaking specialist who ordered xrays, analyzed them, gave a cortisone shot, and wrote a prescription. The couple were with the doctor and at the clinic for two hours.

They were extremely pleased with the doctor, the service, and the price which came to just under $150 which included everything except for the prescription medicine.

Medical Tourism is on the increase here in Panama, and more and more services are being provided for visitors who are looking for quality economical medical care. One of the main benefits of Panama is that is is close to the USA and Canada with a number of daily flights.

If anyone reading this requires the doctor´s contact details, please comment on this article and I will get more information for you.

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Parrots at my Window; in Panama City!

parrots at our window

While I don´t usually post such trivial news, I cannot let this one go by. Even in the center of Panama City we are reminded that Panama is a tropical country very close to lush and thriving tropical rain forest. I am not an active birder, so sorry I cannot identify the birds better.

We live on the upper floors of a tall tower in the center of Panama City. Two days ago at 6:30 am while I was waking up our son for school I heard a noise, at first I thought it was our son. Looking out our window on the ledge of our building I saw a pair of large green parrots at the window (the kind that perch on pirates´ shoulders). We watched them for a bit and then I tried to open the window but they were frightened and flew off.

Why they chose us I will never understand but it was incredible and surprising to see these beautiful tropical parrots, in the city center at our window – even if for only a few minutes.

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Experience in Santo Tomas Hospital, Panama City

doctor

Contributed by Clyde Jenkins, Panama.

My experience with gall bladder surgery at Santo Tomas Hospital.

On Monday morning the 28th of October my gut was so distended and I was
having such excruciating pain that my novia took me to Santo Tomas
Hospital. The first day there is somewhat of a fog as I was hurting so
bad. It turned out that I was passing some gall stones and my pancreas
was inflamed and I had to have my gall bladder removed, but they had to
wait to get my pancreas stabilized first. After 5 days of constant IV
feedings with antibiotics, pain killers and all those other goodies they
fill you up with, they did the surgery on Saturday at 2:30. The
surgery, a laparoscopy which is done without cutting the abdominal wall,
but with 4 small incisions for the light, camera and tools, was done
under general anesthesia and lasted a little over an hour. I was
released from the hospital at noon on Monday, feeling quite well. The
cost for this whole procedure was an outrageous $746. Just joking
folks.

What did I get for that $746? Let me break it down.

First, the exam room and admission cost me $2.00 And then I had
about every blood test imaginable, about two dozen in all during the
week I was there. Add in a lot of medication and the total
miscellaneous charges came to $54.00. These by the way were all
itemized and were paid for up front.

There was $300 for general surgery which included the hospital room
for 8 days, 2 cat scans, 3 x-rays, an ultrasound, two doctors exams per
day and at least 20 IVs with all the goodies. None of the $300 was
itemized so I can’t break it down for you.

The cost of surgery itself, which covered the surgeon, his assistant
and the anesthetist came to $392.

When it came time to pay the bill and get released I was allowed to pay
$100 cash and agreed to pay $100 per month. No hassle, no promissory
note, no first born child, just my word. No Toto, we’re not in
Kansas any more. I have no idea what that would have cost in the
states, but I’m sure it would have been at least ten times as much.
If someone here is privy to those costs I would appreciate hearing from
you. I might add that I had used Santo Tomas about a year or so ago
with a bout of bronchial pneumonia. I was there for a day of inhalation
therapy, total cost $27 which included a chest x-ray.

Now as to the hospital itself. It’s COOOOLD there, like all of
Panama they really crank up the air conditioning. If you go, be sure to
take a couple of blankets and a pillow, as they only provide thin
sheets, if you`re visiting wear a coat. Also take some pajamas or
you’ll have to wear the gown with your butt showing. Things
don’t look as bright and shiny as we’re used to in the U.S., but
I have no reason to believe that they’re any less sanitary. My one
complaint is that they left my arms and hands a mass of bruises because
of difficulties in finding veins for IVs, but then at 72 I guess
that’s to be expected. The doctors and nursing staff were
outstanding, I felt that they really cared. Of course it may have been
that I was a gringo and somewhat of a rarity. I didn’t see any
other gringos while I was there. The doctor who did the actual surgery
examined me every day so he knew my exact condition prior to the
surgery. I only met two doctors and one nurse who were actually fluent
in English, but there were some who could speak passable English. I
would highly suggest that anyone going there take an interpreter with
you if you don’t speak passable Spanish.

For those of you who can’t qualify for health insurance in Panama
because of pre-existing conditions or age and can’t afford to use
hospitals like Paitilla or Pacifica, Santo Tomas is certainly your best
alternative.

Clyde
Thank you to Clyde Jenkins for contributing this story.

Note: Santo Tomas Hospital is a public hospital and is open to those with Panama social security as well as anyone paying with cash or using credit card.

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