Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama Canal Expansion Could Boost US Ag Exports
Agricultural shipments are a huge part of the Panama Canal’s business. And many of these shipments support a reasonably large percentage of the economies that they come from. With the Canal Expansion slated to finish within the next year, many believe that US agricultural exports will be one of the biggest beneficiaries to the new space.
The Panama Canal Expansion project that’s slated to be completed in April 2016 could open more agricultural export opportunities for the U.S., with increased shipments in particular going to Asia, says Ken Eriksen, senior vice president of transportation at Informa Economics.
“Certainly the Asian buyers are going to have an opportunity with this,” Eriksen said on Monday’s broadcast of Market Rally with host Chip Flory.
The canal’s expansion started in 2007 with a projected cost of $5.25 billion and is intended to double the waterway’s capacity with the addition of a third lock system, according to the Panama Canal Authority.
Source: AG Web
UGE completes 1.2 MW of distributed solar in Panama
Panama’s solar industry is on the verge of becoming a big deal, especially in the next 4-5 years. With energy consumption growing at a break-neck pace, clean energy is a necessary addition to the small nation’s power structure. This week, one company made a big step in implementing their version of clean solar energy in Panama.
Central America is rapidly growing as a hot spot for solar and other forms of renewable energy development. However, like most of Latin America, much of the development to date has been large utility-scale projects and less in the way of distributed solar.
UGE and its Latin American partner OTEPI have announced completion of 1.2 MW of distributed solar projects for Cochez y Cia SA
Source: PV Magazine
Lower gas prices leading to big savings
According to recent data, Panamanians are paying less at the pump. And it’s adding up to some huge consumer savings, right as we head into holiday season and the year’s biggest spending period. In fact, estimates have consumer savings pegged as high as $56.6 million.
These savings are calculated as being $15.5 million in purchases of 95 octane, $18.8 million in purchases of 91 octane and $22.3 million in purchases of diesel. The calculations are based on sales at all petrol stations in the country, which was almost 35 million gallons per month in recent months.
Prices in October were substantially lower than their recent peak in July 2014. At that time, 95 octane gasoline was $1.69 per gallon higher, while 91 octane was $1.76 higher. Diesel prices were $1.49 higher.
Source: La Prensa Panama (English)
Top 5 Best Places to Retire in Panama
There are many great options when it comes to places to retire to in Panama, so choosing the best one is a tough task. Luckily, you won’t have to do that. In our latest blog post, we take a look at five of Panama’s top places to retire, and tell you a bit about what each has to offer you.
The charming mountain town of Boquete has been on the map for North American and European retirees for a few years now, and with good reason. Boquete has a year-round cool climate (65-75 F), a low cost of living, and for a town its size, almost unmatched art, architecture and culture.
Boquete has a vibrant retiree community where English is commonly spoken, and lots of natural excursions and outdoor activities. Many in Boquete live off of US social security, and there is a friendly, laid back vibe to nearly everyone you meet there. Boquete is located close to the Costa Rica border in the western Chiriqui province of Panama, 45 minutes from David’s regional and (limited) international airport.
Continue reading about the best places to retire in Panama
