Chamber of Commerce rejecs Canal funds to aid CSS

PANAMA’S Chamber of Commerce says the Canal cannot be seen  as the solution to all of the country’s problems.

The statement came as the Chamber rejected the idea of using funds from the Panama Canal to finance Social Security programs facing funding shortfalls.

“We consider the proposal of the government unacceptable to use funds from the Panama Canal as a source to stabilize the programs,” the chamber said. “We cannot continue considering the Canal as the solution to all the problems of the country.”

The Chamber said that revenue from the waterway should go to the treasury, as established by the constitution.

It also said that Social Security needs to be changed so that its programs are self-sufficient.

“It is necessary to work on a comprehensive transformation, based on actuarial studies, which have not yet been presented, which includes administrative and financial re-engineering of the institution,” the Chamber said, adding that the problem has been ignored for too long.