Business community rejects Paitilla building freeze
PANAMA’S BUSINESS community has reacted strongly to Mayor Jose Isobel Blandon’s temporary suspension of building permits in San Francisxo claiming that investment in more than 50 projects is at risk.
While residents of Paitilla welcomed what they see as move ro reduce uncontrolled development
The Chamber of Commerce and Industry (CCIAP) is demanding that such measures be taken in consensus with the private sector, without jeopardizing economic development.
A statement issued by the CCIAP said: Last week, the City Council approved, to beating drums, an unconsulted agreement which radically and immediately amends some regulations and standards for real estate investments, and which immediately suspended the approval of building permits in the area of Paitilla.
It even restricts the use and enjoyment of investor’s private property, a right enshrined in our Constitution. We believe that this agreement is a new attack against the legal security of investments. The sudden change in direction represented by this agreement, other resolutions and regulations, and unconsulted changes to rules, have jeopardized more than 50 projects that were scheduled to be developed.
