Mega projects and metro fare increases

Mega-projects will be the key to growth in the Panamanian economy, experts said Tuesday, Jan. 26 at the Vision 2016 Forum otganized by La Prensa.

Meanwhile, tucked away in the big time talk was the news that metro subway fares will soon be going up

Jorge Luis Quijano, administrator of the Panama Canal Authority (ACP), explained that in 2017, the Canal will contribute an estimated $1.4 billion, or 36.8 percent more than in 2016. the increase will be due to the opening of the expansion project, which is slated for the first half of this year.

He also noted that the agency will award contracts for port projects that will generate an estimated $1 billion in investment.

Rubens Amaral, chief executive of Bladex, said that Panama has a promising economic future. However, he added that the fall in the prices of raw materials of between 30 percent and 50 percent has hit the region.

He said there is an urgent need for Panama to exit the grey list of the Financial Action Group so that it can remain as a regional financial center.

“Panama has the conditions to become a financial hub, where multinational companies come to finance investment,” he said.

Joseph Fidanque III, general manager of Tocumen International Airport, said that there has been a dramatic increase in revenues since 2013. He said the airport’s master plan calls for continued development. He envisions the construction of a logistics loading area, a third runway and an improved transportation system.

In terms of passenger volume, the airport handled 13.4 million people by 2015, and expects the number to grow this year.

Roberto Roy, director of the Metro, noted that rates for the subway will soon be altered.

But he noted that it will not sigificantly increase from the current fare of 35 cents, noting that it must remain affordable.

Roy said the system will continue to grow with the addition of the second and third lines, which are in development.

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Jorge Luis Quijano, administrator of the Panama Canal Authority (ACP), explained that in 2017, the Canal will contribute an estimated $1.4 billion, or 36.8 percent more than in 2016. the increase will be due to the opening of the expansion project, which is slated for the first half of this year.

He also noted that the agency will award contracts for port projects that will generate an estimated $1 billion in investment.

Rubens Amaral, chief executive of Bladex, said that Panama has a promising economic future. However, he added that the fall in the prices of raw materials of between 30 percent and 50 percent has hit the region.

He said there is an urgent need for Panama to exit the grey list of the Financial Action Group so that it can remain as a regional financial center.

“Panama has the conditions to become a financial hub, where multinational companies come to finance investment,” he said.

Joseph Fidanque III, general manager of Tocumen International Airport, said that there has been a dramatic increase in revenues since 2013. He said the airport’s master plan calls for continued development. He envisions the construction of a logistics loading area, a third runway and an improved transportation system.

In terms of passenger volume, the airport handled 13.4 million people by 2015, and expects the number to grow this year.

Roberto Roy, director of the Metro, noted that rates for the subway will soon be altered.

But he noted that it will not significantly increase from the current fare of 35 cents, noting that it must remain affordable.

Roy said the system will continue to grow with the addition of the second and third lines, which are in development.