Magazine L&E December 2014

US RELATION CUBA: CLEAN SLATE: A HISTORICAL

ARRANGEMENT

PUBLIC CONTRACTING - A SYSTEM ASPHYXIATED BY THE CORRUPTION

FAMILY PLANNING: A INELUDIBLE DECISION 25 YEARS OF AMERICAN INVASION TO PANAMA NEVER TOO LATE TO FULFILL OUR DREAMS !!!

ISSN 1726-0485 Edici贸n Diciembre

www.rbc.com.pa

Colaboradores en esta edición José Javier Rivera Rafael Fernández Lara I. Roberto Eisenmann, Jr. Nadia Chang Giovana del Carmen Miranda Alexander Canto Albin Rodríguez Mariela de Sanjur Augusto García

CONSEJO EDITORIAL José Javier Rivera

Giovana del C. Miranda

Portada y Diagramación: Virginia Medina Fotografía - Mariela De Sedas de Sanjur

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CONTENT Editorial 6. PUBLIC CONTRACTING - A SYSTEM ASPHYXIATED BY THE CORRUPTION Invited Writer 8. US RELATION CUBA: CLEAN SLATE A HISTORICAL ARRANGEMENT Norms of interest

10. BANK ENTITIES MUST INDENTIFY FINAL BENEFICIARIES OF COMPANIES. 10. NEW ACTIVITIES ENTERING THE LEGAL STABILITY SYSTEM 11. THE UAF AND COMMISSION OF HIGH LEVEL FOR PREVENTION OF MONEY LAUNDERING IS REORGANIZED

11. PRESIDENTIAL COMMISSION ON HIGH LEVEL FOR PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM

12. HOUSING SOLIDARY FUND 12. USE OF ELECTRONIC CIRGARRETTE WAS PROHIBITED

Consult, Doctrine y Jurisprudence 13. PANAMA CANAL MAY ESTABLISH AND OPERATE A PORT IN THEIR PATRIMONIAL AREAS.

14. NEW LAW OF ARBITRATION AND PULSE ON FINANCIAL ACTIVITY. 18. FAMILY PLANNING: A INELUDIBLE DECISION. Polítics 19. 25 YEARS OF AMERICAN INVASION TO PANAMA

CONTENT Panamanian Economy 22. IMF PROJECTS THAT PANAMA WILL BE THE NINTH LARGEST ECONOMY IN LATIN AMERICA

23. COMMENT ON PRICE INDEX NATIONAL URBAN CONSUMER: NOVEMBER 2014 (BASE 2013 = 100)

24. COMMENTS ON INDEX OF RETAIL PRICES OF MAJOR CONSTRUCTION MATERIALS (IPMC) AVAILABLE IN DISTRICTS OF PANAMA AND SAN MIGUELITO: NOVEMBER 2014

25. IFC AGREEMENT CLOSES $ 300 MILLION FINANCING TO SUPPORT THE BIGGEST WIND FARM IN CENTRAL AMERICA

27. PERSPECTIVA LABORAL, PANAMÁ 2014 29. PANAMA CANAL DELIVERED B/. 1,030 MILLION IN CONTRIBUTIONS IN 2014 World Economy 30. CHALLENGES FOR THE LABOR MARKET IN LATIN AMERICA AND THE CARIBBEAN ARE DISCUSSED IN ECLAC MAGAZINE

31. BETTER EDUCATION AND SKILLS DEVELOPMENT ARE KEY TO BOOST THE INCLUSIVE GROWTH.

Educacional Capsule 33. EDUCATION AS THE INFLUENCE FACTOR IN POVERTY Sports Capsule 34. SPORTS IN EXTREME POVERTY: FEASIBLE? Tips for good dress

35. NEVER TOO LATE TO FULFILL OUR DREAMS!!!

Cultural Capsule

39. ACTIVITIES FOR THE MONTH OF DECEMBER 2014 AND JANUARY 2015

PUBLIC CONTRACTING - A SYSTEM ASPHYXIATED BY THE CORRUPTION

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Augusto García - Abogado augusto.garcia@rbc.com.pa

n recent months we have been concerned by the disclosure in media of numerous corruption scandals, which realize the alarming situation in public procurement system in our country, which they ask us what happens with this system and who are the supervisory bodies responsible for bringing order to a system so questioned.

In this regard, it’s worth mentioning some major scandals incurred in last government administration, which have been disclosed in public arena, such as: - Famous Radars of Ministry of Public Security, which have been challenged not only nationally but also internationally, for the alleged existence of surcharges and fees in hiring them.

- The modular prisons project has also been investigated internationally for the alleged existence of fees and surcharges.

- The list of scandals that has involved National Assistance Program (PAN), an institution that departed completely from their social role and became a kind of petty cash without any control, resulting in a focus of corruption.

- The rental of garbage collection trucks by the Cleaning Authority.

- The strong criticism in the construction of hospitals.

- Hiring spy equipment intended for political purposes, which results in the violation of fundamental human rights and configuration of crimes to be investigated by the administration of justice until the end.

- The irregular procurement made in SENACYT, which have led to criminal investigation for embezzlement.

- My First Job Program, which has migrated from Institution Institution leaving traces of corruption in its - Among others, they aren’t just limited to building wake and recently suggested the idea happens to be works but also to hiring expensive services and in administered by the INADHE. some cases non-existent, and developed by shell companies.

- Fire trucks tendered by Ministry of Government, which despite existence of claims were adjudicated These cases are just some of highlights from the long and today some already suffer from mechanical dalist that have been singled out and questions in the mage and fail specifications. media and in public opinion. This shows clearly that endemic evil of procurement in our country, beyond 6. Legislación y Economía - Diciembre 2014

being a problem that has affected all government administrations, was accentuated in the last government administration as a result of the desire of it to boost recruitment and development of numerous billionaires infrastructure projects and public services by a degeneration of the system in which today prevail figures as direct contracting and turnkey projects.

Finally, it’s exceedingly disturbing the role played by the General’s Comptroller Office agency responsible for overseeing the passive exercise and address national treasury, and that this period has been silent accomplice around the many questions that have been raised, reflected in public opinion so discreet performance that borders on the void.

In this vein, it’s worth referring first to the Public Procurement Act (Act 22 of 2006), a law that has ten years of being enacted and that today we consider only surpassed in As for modifications by the Fiscal Code. This leads to the conclusion that the Law on Public Procurement has been decapitated, and is molded in the image and likeness of projects of current government, resulting in a prostitution system by sacrificing obtaining the best benefit for the State and often due process, for agility in terms of recruitment, which leaves open many gaps in terms of control which are filled with vices such as misuse of power, premiums, influence peddling, commissions, etc.

In this regard, we believe that officials who run these supervisory bodies should exercise vehemently function and independence, in order to verify that the procurement is carried out effectively, transparently and getting the most benefit for the state, since the not exercise this power in an appropriate way, it’s better to abandon the charges that have invested them, or just close these institutions.

Similarly, it’s of cardinal importance that current administration implements measures to strengthen public procurement system, so that their effectiveness is ensured without sacrificing control efforts that should prevail in such a delicate matter, since otherwise sooner or later fall into the same vices and crimes that have been both criticized last government administration, affecting only the state treasury, and consequently all Panamanians.

At this point it’s worth noting that today any bidder who feel violated due process in a tender faces serious difficulties for filing the claim with supervisory bodies of the system, the situation is worse when you consider that according reported in the media, the state itself became the main actor violations of the law and allowed configuration of corruption through weakening of ins- Dawn and see … titutions, which caused vices such arbitrariness and lack of legal reasoning actions of public administration to become the main vehicles for setting up these crimes.

This panorama of decline that runs through public procurement in our country is aggravated if we turn our gaze to authorities called to oversee procurement in our country: we refer to the Directorate General of Public Procurement, Administrative Court of Public Contracting and General’s Comptroller Office. For the first two, its audit work seems limited to resolving complaints from any bidder, if it exists, otherwise becoming mere spectators of indiscriminate and unjustified increase in direct hires, as well as the exclusionary public events, designed solely to allow participation of a default company.

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L&E

US RELATION CUBA: CLEAN SLATE

A HISTORICAL ARRANGEMENT I. Roberto Eisenmann, Jr. rbcweb@rbc.com.pa

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By amazing coincidence was dedicated to the reading of a book titled “Cuba: the back channels” in which, as with documents declassified by the US, the authors examine absolutely all contacts and ultra-secret talks between Cuba and the US over half a century.

hip that always was supported by US, I fully understand emotional reacci6n Cuban exile. I know - for life experience - as the wound bleeds. Furthermore, among my good friends to many Cubans, whose struggle respect... and always will respect.

Participating citizens, journalists, third countries... and everyone, absolutely everyone ended dissipated, primarily for reasons of domestic politics in both countries. By the increasingly powerful US Latino vote, whose opposition to an arrangement was very evident, and by Cuba blockade implemented by the US to undermine regime strengthened Castro brothers in their absolute power, and served them as an excuse for all the evils of the island.

Instead of the government, people blamed the “Yankee empire”.

Furthermore, with this arrangement Raul Castro remains politically without external guilty to justify the sacrifices of the Cuban people. Also, let your Maduro satellite in Venezuela with “legs off the cot”, as the anti-yankee also be dissipated. Now the enemy “are yourself, Vale”.

Undoubtedly was vitally important brokering Canada and, above all, Pope Francis, who prestige - with its credibility… y moral high - the conclusion of this historic settlement. I think it was his intervention that made it possible to seal the agreement.

Of course after disasters Bay of Cochinos and Missile Crisis, certain acts of the Cuban government - such as the incursion in Angola - served to interrupt conversations.

The truth is that the book emphasizes that all US leaders, Democrats and Republicans, with varying intensity continued to give wings to contacts and conversations... so don’t be fools!

It took political courage of the two Presidents (Obama and Castro) to finally realize the historic settlement that ends with such anachronistic measures as ineffective in their relationships. Both pay a significant political cost, which is normal when measures that change history for the better are taken.

Obama created anger among the powerful Cuban Exile, which has several members today at American Legislative, some already with presidential pre-candidate profile.

As someone who has suffered two forced exile by a dictators-

8. Legislación y Economía - Diciembre 2014

Now, back to Panama: deserves respect and congratulations Chancellor and Vice President Isabel Saint Malo de Alvarado, who boldly - and the obvious support of President Varela - publicly announced invitation to Cuba to attend the Summit in Panama.

Recall that following the announcement made on the Secretary of State John Kerry to invite President Obama... and finally went to Cuba to deliver the invitation to Raúl Castro. It ranked Panama on the right side of history and now possibly the first personal meeting Obama-Castro will be here in Panama.

A historic score Panama also shine! L&E

9. Legislaci贸n y Econom铆a - Diciembre 2014

BANK ENTITIES MUST INDENTIFY FINAL BENEFICIARIES OF COMPANIES

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NEW ACTIVITIES ENTERING THE LEGAL STABILITY SYSTEM

Giovana del C. Miranda G. - Abogada giovana.miranda@rbc.com.pa

he Superintendency of Banks issued General Resolution Board SBPGJD-0009-2014, through which measures to identify the true owner or beneficial owner of corporations established.

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Giovana del C. Miranda G. - Abogada giovana.miranda@rbc.com.pa

he Cabinet Council issued Cabinet Decree No. 35 of 10 December 2014, which approved inclusion of new activities to legal stability of investments is regulated by Law 54 of 1998.

Resolution provides that the bank must ensure ultimate beneficiary identify the true owner or a legal person. The activities of commercial air services, acceptable and likely to obtain registration of legal stability of investments Provides that in case of corporations, banks must request are included.L&E documents evidencing the name of natural person identified as beneficial owner and holder of certificates of shares in the company, according to percentages established.

For corporations with bearer shares, bank must apply any of the following: 1. Modification of social pact so that the issue of shares aren’t allowed to bearer, only registered. 2. Can the bank keep as clients companies with bearer shares when custody of bearer shares, either on the bench or in a licensed or when delivered to the bank an affidavit which stated custodian keeps the information owner and final beneficiary of bearer shares.

The affidavit must contain full name nationality, identity card number or passport, address, phone number and email address.

On the other hand, from the effective date of the standard banks must comply with the content of the resolution when opening new accounts to corporations that allow bearer shares.

With regard to bank accounts of companies with bearer shares that have been opened before adoption of the Resolution, banks will have a period of 12 months to meet requirements. L&E

10. Legislación y Economía - Diciembre 2014

THE UAF AND COMMISSION OF HIGH LEVEL FOR PREVENTION OF MONEY LAUNDERING IS REORGANIZED

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ith the approval of Executive Decree No. 947 of December 5, 2014, the Financial Analysis Unit for the Prevention of Money Laundering and Financing of Terrorism (UAF) as a security of the State, administrative character is reorganized, with functional autonomy and budget under the Ministry of the Presidency.

PRESIDENTIAL COMMISSION ON HIGH LEVEL FOR PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM Giovana del C. Miranda G. - Abogada giovana.miranda@rbc.com.pa

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t has been established that the Commission is established as responsible for coordinating against money laundering, terrorist financing and the adoption of actions arising from decisions of international organizations in which Panama particiWithin this context have changed functions pates country policies. Previously the Commission of the UAF, highlighting those noted below: worked as advisor to the President on these issues.

1. Perform strategic analysis in order to identify patterns, trends, risks and typologies that may be related to money laundering and terrorist financing, which should be shared with the Agency for Supervision and Control, the Public Ministry and National Police.

2. Provide direct financial intelligence report to prosecutors when in the judgment of the Unit should proceed with an investigation. Previously only informing the Attorney.

3. The obligation to exchange with counterparts from other countries financial intelligence for analysis that could be related to money laundering is maintained. With the reform, information will also be provided to jurisdictions with which it has not signed any agreement, provided they are members of the Egmont Group when the information is relevant to implementation of resolutions of Security Council.

4. Organize, manage and preserve records related to the activity of the Financial Analysis Unit (UAF) or data obtained in the course of their duties.

5. Prepare the annual management report and submit it to the High Level Presidential Commission for Prevention of Money Laundering.

Among the functions of the Commission, we can mention: 1. Developing a National Risk Assessment of Money Laundering and Financing of Terrorism, in order to take necessary measures based on that assessment to mitigate risks effectively manage resources available and adopt decisions applying the obligors on due diligence applied.

2. Coordinate with State agencies to develop policies, regulations and strategies that serve to mitigate risk, effective use of resources and regulatory decisions obligors and due diligence.

3.

Consult with private sector and establish relationship channels required for the design and implementation of public policies.

Members of the Commission Ministers of Finance who will act as President, Foreign Affairs, Presidency, President of Financial Coordination Council, the Attorney General’s Office and the Director of Financial Analysis Unit for Prevention of Crime Money Laundering (UAF) or persons who appointed these officials.

However, in an advisory capacity the Committee may conveThe Decree has as main objective to adapt the opera- ne meetings with representatives of associations of obligors of tion of UAF with international guidelines and comply with financial system and non-financial activities and professions. guidelines of the International Financial Action Group.

To shield the mentioned reforms, we must by Executive Decree No. 948 of December 5, 2014 Presidential High Commission for the Prevention of Money Laundering and Terrorist Financing is reorganized. L&E

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Worth mentioning that both decrees are issued at a time when the country is in a state of scandals and institutional corruption that tests the system and we hope not remain in words but in fact are implemented and produce results expected. L&E

HOUSING SOLIDARY FUND Giovana del C. Miranda G. - Abogada giovana.miranda@rbc.com.pa

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he Executive Decree No. 393 of December 16, 2014 creates the Housing Solidarity Fund under the direction and coordination of Ministry of Housing, in order to deliver an economic contribution of transferable for individuals and families with low incomes in the economy formal and informal, to the sum of B/. 10,000.00 per family or applicant for the purchase of a new home whose cost doesn’t exceed B/. 50,000.00.

It should be noted, that can suck people whose monthly income does not exceed the sum of B/. 1,200.00, subject to compliance with requirements, among which is not being a homeowner.

It will be the Ministry of Finance deposited annually in the National Bank allocated resources and the Bank issuing the promises letters to pay to promoter or financial or banking institutions, to which developer has transferred the proceeds of the letter promise by the amount approved.

In this respect, it has to banks and financial institutions participating in the program will be directly responsible for granting and administering funding mortgage loans that are generated, according to their credit and eligibility of participating policies.

This program will run until December 31, 2019 and consequently has been established code Residential Solidary Bond to encourage construction of affordable housing in the country with a retail value of up to B/. 50,000.00. L&E

12. Legislación y Economía - Diciembre 2014

USE OF ELECTRONIC CIRGARRETTE WAS PROHIBITED

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y Executive Decree No. 1838 of December 5, 2014 the Ministry of Health prohibits the use of electronic nicotine delivery systems, electronic cigarettes, vaporizers or other similar devices, with or without nicotine in places where it is prohibited consumption of snuff and would become: 1. Public and private, national, provincial and district offices.

2. Public transportation.

3. Indoors where there is public access public attendance.

4. Public and private, open and closed environments for sports activities.

5. Common areas of public and private buildings for commercial and domestic use.

6. Closed work environments.

7. Educational and health institutions Among actions that are considered infractions decree infringe same the following: 1. Permit the marketing in the country of electronic nicotine delivery systems, electronic cigarettes, vaporizers or other similar devices.

2. Use the systems outlined in section above in places where there is total prohibition to use.

3. No report at the entrance of the local ban on electronic nicotine delivery systems, electronic cigarettes, vaporizers or similar devices with or without nicotine in places where there is a total ban. L&E

PANAMA CANAL MAY ESTABLISH AND OPERATE A PORT IN THEIR PATRIMONIAL AREAS

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he Office of Administration, through Consultation C-5014 on December 2, 2014, acquitted question posed by the Panama Canal Authority, is the sense of knowing whether that entity may develop a port activity through the establishment and operation a port in their heritage areas and under its exclusive administration, either directly or through a dealer.

To absolve the question posed, the Attorney stated that under Article 4 of the Law 9 of June 11, 1997, which implements Article 316 of the Constitution, which created the Panama Canal Authority as an autonomous legal entity Law public, with its own assets and the right to manage, states that this entity “exclusive charge of the operation, administration, management, preservation, maintenance, improvement and modernization of the Canal, as well as its activities and related services in accordance with the constitutional and legal force, so that the canal operates safely, uninterrupted, efficient and profitable manner. “ On the other hand, refers to the privileges granted to the Board of Directors of the Panama Canal Authority, noting that the Board may approve regulations on criteria and procedures for hiring special services it provides or receives the Authority and as granting concessions.

It also indicates that the Board has authority to approve policies on conducting commercial, industrial or ser-

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Source: Procuraduría de Administración

vice activities that complement the operation of the canal, by the Authority directly or by concession to third parties.

Similarly, states that in considering the regulation issued by the Board of Directors of the Panama Canal Authority on the issue at No. 35 Agreement May 30, 2000, as amended by Article I of the Agreement No.267 October 13, 2014, approving the Regulation on commercial, Industrial activities and service Delivery, which gives the Authority the power to conduct commercial, industrial or service activities that complement the operation of the Canal.

Another aspect mentioned by the Attorney General, is that Law 56 of August 6, 2008 “General of Panama Ports” says the custodial treatment having the Panama Canal Authority, on ports on areas under their administration.

Considering mentioned law, is the criterion that the Attorney Panama Canal Authority can legally develop port activities, including the establishment and operation of a port in their heritage areas and under its exclusive administration, either directly or through a dealer. L&E

NEW LAW OF ARBITRATION AND PULSE ON FINANCIAL ACTIVITY

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José Javier Rivera - Abogado1 jjrivera@rbc.com.pa

he undisputed importance in an interdependent and globalized economy reaches resolving conflicts between agents of trade and other activities, has made arbitration and conciliation or mediation, privileged techniques for expansion and maintenance of durable economic relations and profitable.

is complicated or several reasons. Lack of liquidity to continue the project, loss of merchandise that was delivered for sale, breach of any related party to the contract. In a situation of conflict traders have any option but to resort to ordinary courts, who possibly involving companies with different nationalities, enter into a discussion of their competence with respect to the jurisdiction of the natioMoreover, successive events in management of global nality of the parties. International commercial arbitration market for goods and services in general, and in field of solves these complications and resolve any difficulty ariarbitration, in particular, have led to a broader legislati- sing in this regard, since international trade is attempting ve movement to install and develop effective operational to break these limitations imposed by local legislation. systems of dispute resolution in order promotion of safe, growing and profitable relationships between companies Over the years we have seen a lot of countries in the region, and between customers or consumers, in a broad sense. have been busy in their legislation to include arbitration, for benefits it provides for development of international trade.

Fields such as consumer, industrial and intellectual property disputes have occurred as a result of the new law With frequency we list the benefits of arbitration betof economic regulation after liberalization/privatiza- ween the economy, speed, specialty of arbitrators, retion of public services, long term contracts and inter- servation or confidentiality of the process, enforcerelationship, transport, trade maritime, insurance etc., ment of awards. The option to have an award in law are particularly suitable for that discipline under a com- or equity and especially legal certainty which is one mon law, equitable, and in arbitration necessary for of the benefits of arbitration, but must ensure each of their full development and operational complement. the countries that are offered as venues for arbitration.

On the trade front, employer diversifies its projects, mega projects are undertaken, the company originates from a country, crossing borders and often has a presence in more than two countries, especially with the momentum that allow us to new technologies and communications.

There are other benefits that can be highlighted in international arbitration, which are less visible, more important, but only in practice come to reveal, and it is precisely the ability to select the arbitrators, the nationality of arbitrators, the center where develop process, venue (country of arbitration), legislation to which disThis branching business, is documented in agreements pute is submitted. The parties have a stake in every phaand contracts where its beginnings things are emerging se of negotiation of contract and in the same process, almost perfectly, but it can happen that in the middle of so you should feel confident people to give responsibithe execution of this agreement or contract, ratio of one lity to resolve their dispute through arbitration award.

1Founder partner of Rivera, Bolivar and Castañedas - Panama Law Firm. Designated in the list of the two most important centers of arbitration Panama Referee, such as the Center for Conciliation and Arbitration of Panama and Resolution Center conflicts- Cescon. He was President of the Chamber of Commerce Industry and Agriculture of Panama and CONEP. Committee Chairman 2012- 2013 ICC Panama.

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So, all international arbitral process guarantee benefits, if taken Moreover, Arbitration Act is but a set of principles and a in the right way, with advice from experts and drafting an ar- framework for that henceforth they can develop and exbitration clause can be effective at the time the dispute arises. tend to specific sectors. Seeks recognition of institutionalized arbitration with possible modalities and forms In countries like Peru, arbitration has developed to of arbitration agreement and its effects on many substhe point that the arbitration clause, with favorable re- tantive and procedural; the autonomy of the clause results is included in all contracts are made with the state. garding the main contract that is inserted, etc., which are necessary to ensure the autonomy of arbitration The national arbitration centers concerned with maintai- as a specific and important tool to solve trade dispuning international regulations in line with new legislation, to tes both internal or domestic and international order. maintain a list of arbitrator or nominating persons of recog- Align arbitration, both in its internal aspect and internanized integrity. They also establish uniform rates, so that the tionally the most significant developments and trends in process is satisfactory for personal and economic interests. global systems, and particularly in line with the Convention of New York and Panama on international arbitraThe Republic of Panama, its geographical characteristics tion are imperatives that also mark the contents of the law. and traditional meeting point for transatlantic trade has served and serves with increasing intensity for develo- This new system gives special treatment of international arpment of these economic and trade relations, whose ob- bitration, follow guidelines of United Nations Commission jective has led adoption of techniques and instruments for Development of International Trade Law (UNCITRAL). suitable for performance of such activities in a climate of Were taken as reference guidelines of United Nations Comgreater freedom and fully operational, legal first was the mission on International Trade Law (UNCITRAL) and Rules Decree Law No.5 of 1999 established General Rules of of Arbitration of the International Chamber of Commerce Arbitration Conciliation and Mediation recently Act 131 (ICC). Principles are also welcomed in modern arbitration of 31 December 2013, by which the National and Inter- laws of countries with experience in international arbitranational Commercial Arbitration in Panama is regulated. tion as Spain, France, Peru, Mexico, Costa Rica and others.

The Arbitration Act is to be complementary, rather than necessary, indispensable in this context of freedom of domestic and international trade. Through it, a system of conflict resolution, both contractual and non-contractual relationships, agile, expeditious, building a good relationship between the parties, restoring harmony between them all without loss of legal security that is based implants any business relationship.

In addition to the contribution by all members of the drafting committee, contributions and recommendations of a number of prominent national lawyers with experience in the arbitration of some Supreme Court and versed recognized in the art will also be given to internationally.

The Panamanian Law maintains a monistic model, provided that rules of international law and domestic law form a single legal system; apply without distinction the same At these ideas obeys the Law 131, which provides fra- law for domestic arbitrations and for international law gimework for these objectives are achieved and consolida- ving an international origin when their interpretation.3 ted. Its primary objective is to facilitate a dynamic arbitration, with full assurance of the rights of defense of the The opportunity was seized to include in this law, new parties, restoring an enabling environment for recognition rules relating to international commercial arbitration and development of autonomy, strengthening the autho- rules which over the years have varied significantly rity, independence and impartiality of arbitrators and his with obvious trade development. Likewise, efforts were powers to drive the process and application of substantive made to ensure investors a current regulations, provide law; In short, ensuring natural autonomy and self-suffi- them with legal certainty and confidence in the system. ciency of arbitration, are some of the tenets of new law.

It’s set scope of this Act to arbitrations whose headquar2. Law 131 of December 31, 2013, published in the Official Gazette No.27449-C, published on January 8, 2014.

3 Commission Panamanian law arbitration chaired by Katherine Gonzalez Arrocha and shaped by the legal Mario Fabrega, Liliana Sánchez, RINEE Juliao, Sheyla Arias, Dayra Castañedas Lopez, Esteban López and José Javier Rivera.

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ters are in Panamanian territory, whether domestic or international, without prejudice to provisions of treaties or international agreements to which Panamanian State is a party or laws containing special provisions on arbitration in which case rules of law will also apply.

As requirements of the arbitration agreement provides that it must be in writing, provided that is writing if it is contained in a document signed by parties or exchange of letters, telex, telegrams, emails or other electronic media to stop record of agreement.

promptly inform the court of any termination, suspension or modification of an order for its action, if necessary.

Listed the reasons for refusing recognition or enforcement of interim measures and preliminary orders granted by arbitral tribunals based arbitration abroad

In regard to the NLAP procedure gives the parties’ freedom to agree the procedure has to adjust the court in its proceedings invoke the procedure contained in a regulation of an arbitral institution. Failing agreement, arbitral tribunal may, subject to this Act, conduct the arbiIt was also considered a written record of the arbitration tration in the manner it deems appropriate and without agreement, when there is an exchange of statements of recourse to the procedural rules of place of arbitration. claim and defense in which the existence of an agreement is alleged by one party and not denied by the other. It is With regard to evidence, are granted arbitral trialso important to note that the reference in a contract to bunal, power to determine exclusively, on admisa document containing an arbitration clause constitu- sion, relevance, performance and value of the evidentes an arbitration agreement in writing, provided that ce and order at any time the presentation of evidence. the reference to make that clause part of the contract.

A provision that refers to the rebellion of a parSe establece también que la adopción de medi- ty, when notified of the application and no reply, stadas cautelares previas al proceso arbitral, no son in- ting that this fact shouldn’t be considered as acceptance compatibles con el acuerdo de arbitraje ni se en- of the applicant’s arguments, but the process will retenderá como una renuncia al convenio arbitral. main Also added the presence of the defaulting party.

Regarding announcement of the award and termination of proceedings, new deadlines are set. In international arbitration, the dispute should be decided and reported within the time limit set by parties, arbitral rules applicable or, failing that, by Arbitral Tribunal and national arbitration, unless otherwise agreed by the parties, deadline for Everything about precautionary measures and preli- issuing the final award shall not exceed a term of two (2) minary orders is widely regulated. It empowers the tri- months from the closing arguments presented by parties. bunal to order these measures, provided that parties haven’t agreed otherwise. The conditions that appli- The term for issuing award may be extended by Arcant must submit the precautionary measures to jus- bitral Tribunal for an additional term of up to tify it, giving the court the power to deny in case of not two (2) months in view of complexity of the case. being convinced of the urgency of the measure are set.

With announcement of award is concerned, arbitral tribuPrecautionary measures or preliminary injunction ordered nal in an award or as many partial awards as deemed neby an arbitral tribunal whose place of arbitration is in the cessary, unless otherwise agreed by the parties. The NLAP Republic of Panama and if that judicial assistance is requi- also refers to the form and content of award, establishing red are considered binding, must be implemented imme- the requirements that it should contain and how notifidiately by competent court when so requested . The par- cation of the award to the parties, notification is complety seeking or has obtained recognition or enforcement of ted with delivery of a signed copy to each of the parties. an injunction or order, preliminary judicial tribunal shall The Act’s profile for something completely innovative, is introduced as well as the grounds for unavailable, making it clear that arbitrators aren’t public servants. The grounds for challenging an arbitrator and procedure is also contemplated to meet challenges that arise.

4En el artículo 3 de la NLAP, se establece que en la interpretación de la presenten Ley habrá de tenerse en cuenta el origen internacional y la necesidad de promover la uniformidad de su aplicación y la observancia de la buena fe.

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The deadline for correction and interpretation of the award extends such term counting from thirty (30) days following the date of notification of the award days, concept of enlightenment is also modified, as the agreement of the parties, of them you can ask the court to give an interpretation of a point or a specific part of the award. This irrespective of correction that may ask the parties, by miscalculation, clerical or typographical or other error of similar nature.

is illusory. But the injunction seeks not only to guarantee a payment, in most cases is sought, an act to suspend or an object, that no reserve, could disappear or be impossible to enforce the decision taken in the award is delivered .

It’s already raised possibility that a court orders an injunction or preliminary order, now implementation capacity is discussed, as in most countries the management is limited to an arbitral tribunal issue a resolution and then The Court may of its own motion to correct the ask a judge for execution, is called judicial assistance. award, only by miscalculation, clerical or typographical or other error of similar nature. The issue to be decided is the ability of arbitrators to enforce the measure; and indeed, we found nothing to preAs far as challenging the findings are concerned, vent it, provided that the law gives you that power, the grounds for annulment and action of the resource is set. parties are guaranteed equal treatment, giving each the opportunity to assert their rights and who requested that Regarding procedure for the enforcement of awards, spe- meets the requirements of law, specifically appearance of cifically the possibility of filing an appeal is excluded. good law or fumus boni iuris, danger in delay or periculum in mora and the provision of a bond or security to guaRegarding recognition and enforcement of international rantee the damages and costs of custody or preservation. awards, is recognized and enforced in Panama in accordance with the Convention on Recognition and Enfor- After the above, we conclude that arbitration is an effeccement of Foreign Arbitral Awards adopted in New York tive way to resolve disputes between traders seeking in 1958, American Convention on International Arbitra- speed and skill in person who will decide the dispute tool. tion adopted in Panama in 1975 and any other treaty on recognition and enforcement of an international arbitral All these benefits depend largely on knowledaward, unless the parties have agreed otherwise, the trea- ge, skills and experience of referees, but also depend ty will be the most favorable to the party applying for re- on the support they have of the courts, in the procognition and enforcement of an international award. cess, either by judicial assistance that will be required and time of recognition and enforcement of awards.

It makes clear that international arbitration awards L&E rendered in arbitration is headquartered in the Republic of Panama, are not subject to the recognition procedure and can be performed without this.

I am convinced that new arbitration law will give Panama qualities of a favorable international arbitration country as to the interpretation of it its international origin shall take into account the need to promote uniformity in its application and good faith, keeping in mind that any vacuum that could have this law be settled in conformity with the general principles of arbitration.

Protect Measures and Preliminary Orders: The above practices justify existence of precautionary measures and preliminary orders as a means to ensure results of the process, to avoid imminent harm or that the process 17. Legislación y Economía - Diciembre 2014

B

FAMILY PLANNING: DECISION INESCAPABLE

irth control is also known as contraception, is designed to prevent pregnancy.

Methods for birth control can function vary forms, among which are found: • Prevent the passage of sperm to the egg: condoms (condoms), diaphragms and intrauterine operate this way.

• Prevent a woman’s ovaries from releasing eggs that can be fertilized; birth control pills operate this way.

• Sterilization, which permanently prevents a woman from getting pregnant or a man can impregnate a woman.

• The method you choose depends on each family several factors. These include your current state of health, frequency of sexual activity, number of sexual partners and the desire to have children in the future. A specialist can help these people to choose how to control convenience.

If we compare levels of fertility among each of the regions of our country, we will find that there are marked differences, which occur as a result of the influence of multiple factors (age, marital status, educational level), which determine the fertility behavior within the population.

The largest in Panama specifically in rural air problem is poverty and ignorance since they have not had any program on sexual and reproductive health. A program to help such people from rural areas and poor would not only to plan their families, but also to provide care in safe deliveries, guarantee cancer prevention and care epidemics of sexually transmitted diseases like virus human papilloma virus.

It should be noted that motherhood at an early age is a factor that plays and sharpens the generational transmission of poverty; teen birth reduces the chances of women in education and achieving personal goals.

We must make it clear to people about the responsibilities of bringing life into the world because in many cases not only women have lots of children without birth control, but is not well attended.

In order to control the birth rate among low-income women,

18. Legislación y Economía - Diciembre 2014

Idalia Ballesteros idalia.ballesteros@rbc.com.pa

Ministry of Health in 2013 was developing a free program where practiced salpingectomy surgery, in order that many mothers have no more babies. The beneficiaries were poor women who don’t have social insurance and have had more than three children; the same were evaluated considering they are from poor families.

In our country should maintain constant campaigns sex education and pregnancy prevention in schools (especially those found in low resources) in communities far away where a larger number of pregnant women and girls is observed and institutions such as the health center, social insurance, Ministry of social Development; where the main objective is to help strengthen the education sector in developing educational projects for sexuality education, with a focus on building citizenship and exercise of human, sexual and reproductive rights. L&E

25 YEARS OF AMERICAN INVASION TO PANAMA

T

Rafael Fernández Lara rbcweb@rbc.com.pa

tary tyrannies in Argentina, Brazil, Uruguay, Chile, Central America and other countries and obviously the main leaders of the military coup in Panama on October 11, 1968 were formed, whose political and military dominance remained until December 20, 1989, when US troops burst into Panama.

On January 9, 1964, police and US Marines stationed in the territory of the Panama Canal Zone kill Panamanian students to pretend wave in that terriAt request of Panamanian government, US troops monito- tory Panamanian flag next to the US, in accordanred the presidential election 1908 and 1916. In 1918 landed ce with an agreement between the two governments . in the cities of Colon and Panama, intervening in local politics. Also in July the same year, Marines occupied the pro- The December 20, 1989, the United States invaded Pavince of Chiriqui to maintain public order, remaining there nama to arrest who was his protege and member of the until 1920. In 1925, US Army troops occupying the city US intelligence (CIA), General Manuel Antonio Noof Panama and Colon to end a strike and maintain order. riega, leaving hundreds dead according to conservative reports. Without doubt, the US invasion of Panama In 1941, according to some historical accounts, also indi- is one of the most painful and traumatic episodes all Parectly had complicity in the removal of President Arnulfo namanian history. The Republic of Panama had lived Arias Madrid, in a military coup led by its Minister of Go- 21 years of military political control before the invasion. vernment and Justice, Ricardo Adolfo de la Guardia and Lt. Col. Rogelio Fabrega of National Police, who groped his in- The Defense Force called an institution personified tention to American diplomatic representatives established power with submission of all organs of the state, violain the country. The refusal of the Panamanian leader in put tion of human rights and possibly softer than existing weapons to Panamanian merchant fleet during the conflict in Central America and Southern Cone tyranny, but not of the Second World War led to annoyance of the United Sta- as affectionate as some describe, because according to tes. Hence, the Secretary of War the US government, Henry the report of the Truth Commission, “collected enough Stimson, declared about that “This was a great relief for us to identify people killed or disappeared during milibecause Arias was very problematic and very pro-Nazi.” tary regime information and facts and circumstances of death or disappearance of a total of 110 cases. Of these, In 1946 the United States established in Panama remembe- a total of 70 people are killed, while 40 people missing. “ red and celebrated the School of the Americas, to train military hemisphere. There the main protagonists of the mili- Among those killed most moved the public opinion, two religious, Jesus Hector Gallegos found in 1971; Johannes Ni-

he December 20 marks the 25th anniversary of the invasion of US troops to the Republic of Panama. It wasn’t the first time that Marines from northern power had intervened in Panama.

19. Legislación y Economía - Diciembre 2014

cholas Van Kleef in May 1989; the beheading of Hugo Spadafora doctor in September 1985; the slaughter of Albrook the October 3, 1989 of eleven officers of the Defense Forces, following a failed armed uprising against General Noriega.

There were many more cases that characterized this tyranny as a terror regime adversed by most of the population.

Obviously, the invasion perpetrated by the US military against Panama on December 20, 1989, was an act of extreme and unjustified cruelty. The apprehension of Noriega, one of the reasons for the invasion, was not fulfilled immediately, but later, because the “brave” military was hidden in various places, until he took refuge in the Vatican embassy and then voluntarily surrendered to his former bosses, about the possibility of a lynching by opposition protesters surrounding the Vatican Embassy and thus possibly pretending not run the same fate of dictator Benito Mussolini and his mistress, Clara Petacci, in 1945.

Prior to the US military operation against the tense situation that existed in the country and the evident desire of the US administration to withdraw his former employee, General Noriega, offering as serious media, eliminate him criminal charges of drug trafficking and money that kept Florida prosecutors and able to go to Spain to enjoy their If we analyze objectively all the details of the invasion, beproperty and assets, it was rejected by the Dictator, further fore and after, no doubt that responsibility for it rests with deepening the prevailing chaotic situation in the country. one man and his coterie of relatives, they caused deaths of civilians and military Panamanians, destroying most of The above and other reasons, including civilian oppo- the military structure of the Defense Forces (name created sition to the regime, military raised against General No- by him), who said love and defend, an enormous material riega of October 3, failure to recognize the outcome of injury to the Panamanian economy; unimaginable acts of the May 1989 elections where the incumbent candida- looting and vandalism against trade in general that caused te lost by a large margin, were the beginning for the go- huge losses, leaving the country bankrupt, causing layoffs vernment of the Bush Administration prepare a strate- of public employees and workers of private companies. gy to uproot and destroy the Panama Defense Forces, an unpopular and feared agency, headed by General Noriega. Possibly not for the invasion of northern nation against its The reasons mentioned by George H.W. Bush to justify former employee, General Noriega and his minions, his the invasion was to preserve the lives of Americans resi- hold on power had remained more. What is clear to us is ding in Panama, defend democracy and human rights of that this date Panamanian brings troubles and bad memoPanamanians, capture Noriega to combat drug trafficking ries as well, definitely a sense of relief to let go of a dicand defend Torrijos-Carter Treaty on the Panama Canal. tatorial regime whose fateful memories are in everyone’s memory, whose major responsibility was a spyware and Operation Just Cause called by the Americans, began in the amanuensis of the Empire, to whom he declared war to early hours of December 20, 1989, by an intense bombard- hide and sadly after abandoning his few followers, fament that included 27 parallel attack targets in the country, cing an invasion deep heart any Panamanian wanted. L&E with the intention of invalidating the possible counterattack by the Defence Forces General Noriega, and then the invasion of some 26,000 American soldiers of his infantry.

The heinous bombing destroyed airports, barracks and military bases, and the Central Headquarters in neighborhood of El Chorrillo, which as a result was greatly damaged.

Without any doubt, the US military used sophisticated weapons and art against a little provisioned to confront a world power army, but very hard to stifle civil, helpless opposition majority of the population of their country.

Despite the high technology of the invading army and military civilian deaths occurred, although he faced little resistance as a result of superiority, except in a few specific places.

The military action in Panama served as a laboratory for the use of sophisticated weapons by some skilled military.

20. Legislación y Economía - Diciembre 2014

PROHI FORGE

IBITED ET

IMF PROJECTS THAT PANAMA WILL BE THE NINTH LARGEST ECONOMY IN LATIN AMERICA

T

he International Monetary Fund (IMF) forecasts that the economy of Panama will become the ninth largest in Latin America over next 12 years.

Now, with nominal GDP of 40.3 billion Balboas Domestic Product (GDP), the economy of Panama is the thirteenth in the region, surpassed even by Costa Rica (49.6 billion), Guatemala (54.4 billion), Uruguay (56.3 billion) and Dominican Republic (60.8 billion); However, facing the 2026 and considering current economic trends, if an average annual growth of 6% is maintained, the IMF expects Panama exceed all these countries during this period (see figure).

“Panama, at current rates, will be the thirteenth to be the ninth largest economy in Latin America, in terms of nominal GDP, passing over Costa Rica, Guatemala, Uruguay and Dominican Republic”, said Luca Antonio Ricci, Chief IMF mission during his speech at the 2025 Panama event: Economic and Financial Outlook Long Term, which was recently held in the capital city.

The IMF representative added that Panama’s economy is very dynamic, has growth in several sectors, is diversified and also has a strong complementarity and synergy between their economic activities, which facilitates its strength against international shocks.

With these strengths, “if Panama maintains its medium-term growth at 6% if other countries maintain their current projections, according to the IMF World Economic Outlook in 12 years Panama’s GDP and living standards of Panama double” reiterated Ricci. L&E

22. Legislación y Economía - Diciembre 2014

Source: MEF Ministerio de Economía y Finánzas

COMMENT ON PRICE INDEX NATIONAL URBAN CONSUMER: NOVEMBER 2014 (BASE 2013 = 100)

P

rice Index (CPI) in November compared to October 2014, recorded a low of 0.3 percent for both the National Urban and for the districts of Panama and San Miguelito, while for the Urban Rest was of 0.4 percent.

The group that showed greatest decline was 1.9 percent Transport due to the drop in fuel prices; Recreation and culture Communications and 0.3 percent each, by the fall in the price of mobile handsets and games, respectively.

The groups were reflected increased Housing, water, electricity and gas 0.5 percent and alcoholic beverages and snuff 0.2 percent. They were unchanged Food and non-alcoholic drinks; Furnishings, household equipment and household maintenance, Health, Education and Miscellaneous goods and services.L&E

23. Legislación y Economía - Diciembre 2014

Source: CGRP Contraloría General de la República de Panamá

COMMENTS ON INDEX OF RETAIL PRICES OF MAJOR CONSTRUCTION MATERIALS (IPMC) AVAILABLE IN DISTRICTS OF PANAMA AND SAN MIGUELITO: NOVEMBER 2014

I

Fuente: CGRP Contraloría General de la República de Panamá

ndex of Retail Prices of Major Building Materials (IPMC), available in the districts of Panama and San Miguelito, compiled until November 2014, showed the following behaviors:

Also, Block increased 2.2 percent clay and plastic PVC pipe at 1.4 percent. On the contrary, recorded negative variation: the Zinc No. 26 wavy galvanized 13.1 percent, the steel rod ½” .2 percent, Stroller by 6.3 percent and electric cable stranded in 5.9 percent.

Month change:

Cumulative year change:

Price Index (IP) of the steel rod ½” decreased by 1.9 percent in November 2014 compared with October this year.

They also showed decrease the IP of plastic PVC pipe at 1.4 percent, Socket for polarized deposit box at 1.3 percent. The espavé Timber and Zinc No. 26 galvanized corrugated 0.9 and 0.3 percent, respectively. The IP investigated other materials maintained the level recorded in October.

The cumulative average behavior of January to November, compared to same period last year, showed increases in IP gray cement, ready-mix concrete and Sand at 6.3, 5.9 and 5.8 percent, respectively; in the same condition climbed the IP Stone No. 4 by 3.3 percent; Clay Block No. 4 at 3.1 percent, the concrete block No. 4 and plastic PVC pipe both at 2.9 percent and espavé Timber at 1.9 percent. The IP that registered negative percentage change were: Zinc No. 26 corrugated galvanized 9.1 percent, Electrical Cable stranded at 6.3 percent, the Stroller No. 4 at 5.3 percent, the steel rod ½” at 2.5 percent and Socket for polarized deposit box at 1.4 percent. L&E

Monthly year change:

By November 2014 compared to the same month of 2013, PIs showed positive variation were: sand and Concrete mix both at 6.3 percent, Grey Cement 6.0 percent, espavé Timber at 5.7 cent and the box for polarized outlet at 2.8 percent. They also showed growth IP Stone #4 2.6 percent and Cement Block 2.3 percent.

24. Legislación y Economía - Diciembre 2014

IFC AGREEMENT CLOSES $ 300 MILLION FINANCING TO SUPPORT THE BIGGEST WIND FARM IN CENTRAL AMERICA

IFC

, a member of the World Bank Group, has completed a financing package of US $ 300 million for the construction of Phase II and III Penonomé Wind Farm, the largest wind project in Central America. Once operational, it is expected that 86 wind turbines with total installed capacity of 215 MW, generate 448 GWh of energy per year, which is equivalent to approximately 5% of the total energy demand of the country. The Phase II and III was mostly acquired by Interenergy Holdings, a private company significant presence in energy sector in the region and majority shareholder of UEP Penonomé II, SA, a company created to operate this project in Panama.

Fuente: Banco Mundial

million through a subordinated loan of their own.

Panama is one of the fastest growing economies in Latin America. However, investments in infrastructure, specifically to increase power generation, have lagged.

The Panamanian government estimates country’s energy demand will increase by up to 8% annually. The growing demand will require an investment of around US $ 3 trillion over next decade to meet energy demand.

“IFC has been a long term partner for Interenergy Holdings, with previous investments that have contributed to more reliable energy production in Latin America and the Caribbean,” said Michael Bax, Director of Interenergy Holdings. “This funding reThe project is located about 150 kilometers from Pa- flects a strong commitment to further develop innama City and is the largest wind farm connected to the National and Regional Electric System. The project is expected to diversify the country’s energy matrix, easing dependence on fossil fuels, which allows lower energy prices and contribute to reducing carbon emissions. Penonomé UEP II avoid the emission of about 400,000 tons of CO2 per year, the equivalent of removing approximately 84,000 running cars.

The financing package consists of a senior loan of US $ 80 million from IFC and a loan of US $ 60 million of Managed Co-Lending Portfolio Program of IFC, a new platform syndication offering to institutional investors the opportunity to participate in future passively in the loan portfolio high level of IFC, and $ 144 million in syndicated loans from other financial institutions for development and Panamanian banks. In addition, IFC will provide $ 16 25. Legislación y Economía - Diciembre 2014

frastructure of Panama, particularly production of tion and marketing. InterEnergy is also a pioneer in clean energy as a strategic priority in the country.” the development of renewable energy in the region, establishing the first wind generation in the DominiPanama is highly dependent on fossil fuels, which can Republic in 2011, through a partnership between account for over 40% of the energy generated. The EGE Haina and CEPM in Juancho, Los Cocos, Perest of the country’s energy is generated from hy- dernales Province. The park, which was recently exdropower, which makes it vulnerable electricity sec- panded, has 86 MW with aggregate installed capacity. tor during the dry season. This can result in rationing of energy and the high cost of energy during About IFC droughts. The project will help increase the energy generated from renewable sources to be fed into elec- IFC, a member of the World Bank Group, is the lartricity transmission network and complement ge- gest global development institution focused excluneration of water borne of Panama, as the wind re- sively on the private sector. Work with private firms sources are found to be significantly stronger during in 100 countries, using its capital, expertise and inthe dry season when hydropower production is lower. fluence to help eliminate extreme poverty and promote shared prosperity. In this fiscal year 2014, “Phase II and III of Penonomé Wind Farm will add has provided more than $ 22 billion dollars in the ability to generate electricity needed to support funding to improve life in developing countries sustainable development of Panama,” said Gabriel and addressing the most pressing challenges. L&E Goldschmidt, Head of IFC Infrastructure in Latin America and the Caribbean. “The project is aligned with IFC’s strategy to support initiatives that contribute to the transition from Central to a cleaner and more efficient energy matrix countries.”

The IFC’s committed portfolio in Panama totaled US $ 686 million. In Panama, IFC is supporting financial intermediaries, infrastructure and education, increasing access to finance for micro, small and medium enterprises, supporting projects for renewable energy generation, and the Panama Canal expansion, among others.

About InterEnergy Holdings InterEnergy Holdings (“Interenergy”) is a company that owns and operates generation and distribution of power in Latin America and the Caribbean. Its predecessor, Basic Energy Ltd., led by entrepreneur Rolando Gonzalez Bunster, accumulated 25 years of investment experience and operations in the energy sector with the acquisition and development of over 1,500 MW in Dominican Republic, Argentina, Panama and Jamaica.

Today InterEnergy is one of the largest investors in the Dominican energy sector in generation, distribu26. Legislación y Economía - Diciembre 2014

WORK PERSPECTIVE, PANAMA 2014

R

ecently the Labor Foundation (FUNTRAB) presented the report entitled Perspective Labor, Panama 2014 which was conducted by Miguel Del Cid in his capacity as General Counsel of the FUNTRAB and was presented by Elberto Cobos and Aurelio Lineros Co President of the Trade Union Sector and Company respectively.

Source: FUNTRAB

On the other hand, Panama still faces some significant long-term challenges. First, despite the extraordinary growth cycle hasn’t been able to incorporate modernization of an important sector of the labor force still working on own account in micro and informal activities. In this situation still about 30 out of 100 Panamanian workers.

Also, 40 out of 100 workers are excluded from social se“Given the importance of the issue, we share with you curity as direct contributors and are at risk of not hasome information that we believe deserve comment: ving a contributory pension in retirement and be safe program clients 120 to 65. Most of excluded work indeThe Panamanian economy closed 2014 with pendently or in certain activities such as domestic sera growth slowdown, which is typical of elec- vice, small and micro enterprises or agricultural sector. tion years as evidenced by the long-term statistics.

This resulted in a slower pace of job creation person as a result of Evidence suggests that a major reason for the exclusion culmination of some infrastructure projects and road works and informal employment in many activities is explained as well as constraints to growth in activities such as agricultu- by problems of inability to pay the obligations of formare, manufacturing, restaurants, hotels and Free Zone Colon. lity, mainly due to its lack of productivity and income.

Therefore, moving towards universal coverage of social Faced with this slowdown, unemployment rate increased security and employment formality, is to recognize that slightly from 4.1% in August 2013 to 4.8% in same month complex reality that goes beyond voluntary evasion and of 2014. The young are again the most affected and their that all sectors are committed to confront together with unemployment rate increased from 10.8% to 12.6%, con- the decisions and comprehensive actions correspond. firming its status most disadvantaged in the labor market.

An important part of the available working popula- Finally, a key to improving productivity and decent work tion joined the labor activity as self-employed, which challenge has to do with deficit in education and traiincreased its occupancy by 3%, which contributed ning of workforce. To meet this challenge, government to unemployment were not higher in August 2014. launched a High Commission for the development of In the current year the legal minimum wage was set, which an employment policy with participation of organizawas reflected in a significant increase in nominal and real tions of employers, workers and universities. As a rewages in various economic segments, sectors and regions. sult of that table for dialogue and consultation have been There remains a broad discussion on the need for a gene- proposed five strategic guidelines and 19 actions to “inral wage policy that allows steadily improving living con- crease employment, productivity and social inclusion ditions and promote productivity and competitiveness. with more and better technical and vocational training.”

The representatives of organizations of employers and workers in the FUNTRAB have expressed readiness to this dialogue, the result would be a policy based on strengthening collective bargaining in all sectors and industry groups.

27. Legislación y Economía - Diciembre 2014

The organizations of productive sectors and society in general are hopeful that this proposal can run on all components. This will depend on the political will and technical capacity of the agencies responsible for its implementation and a smooth and continuous consultation with participating organizations in the process is maintained.

A second challenge is the lack of social security cove- cational training systems have failed to respond aderage among workers in 2013 affecting about 40% of the quately to the training requirements demanded by the employed labor force. The greater vulnerability remains productive sector and the development of the country. “ L&E in some categories, branches and production segments, such as self-employed, domestic workers, the rural and agricultural sector (FUNTRAB, Bulletin No. 3). This figure is an approximation of the extent of informality and suggests that part of the problem affecting employees and other workers outside the informal sector.

It is supported in this sense that the problem of informality reflects not only an intention to evade social security obligations, but a problem of insolvency of many economic units and workers whose limited income prevents them formalization.

A third major challenge concerns the education and training deficit facing the workforce. A reflection of this is the high proportion of workers with low levels of formal education. Despite improvements in education in the long term as reflected in a decrease of illiteracy, currently about 33.6% of the workforce is younger than 9 years of schooling and 16.7% have only primary education (full or incomplete). Faced with this challenge, vo-

28. LegislaciĂłn y EconomĂ­a - Diciembre 2014

PANAMA CANAL DELIVERED B/. 1,030 MILLION IN CONTRIBUTIONS IN 2014

T

he Board approved Panama Canal deliver payments to the National Treasury for B/. 1,030 million for fiscal 2014, exceeding B/. 64 million approved budget, the result of effort and capacity of over 10,000 Panamanians who operate and manage the waterway.

“A month after serving 15 years in Panama Canal administration, this amount rises to over 9,600 million dollars delivered direct contributions to the Treasury from the transfer of the waterway on 31 December 1999,” the president Board and Minister for Canal Affairs, Roberto Roy. The contribution was approved by the Board of the Canal to formalize the figures at end of fiscal year 2014, during which the tonnage through the waterway reached 326.8 million tons PC/UMS, an increase of 1.9% compared to the duration of 2013.

Detail For fiscal year 2014, the contribution of the Panama Canal to the National Treasury totaling B/. 1,030 million, representing an increase of 6.6% on the B/.

966 million budgeted at beginning of fiscal year.

The contribution consists of: • B/. 654 million representing approved by the Board of the ACP for the fiscal year of the Panama Canal, which runs from October 1, 2013 to September 30, 2014 surpluses.

• B/. 374 million in respect of net tons transited the Canal; • B/. 2 million in payment for public services to the Canal, and others.

• Since Panamanians began to administer the road at noon on December 31, 1999, the Panama Canal has contributed directly B/. 9,621 million to the National Treasury. L&E 29. Legislación y Economía - Diciembre 2014

Source: ACP

CHALLENGES FOR THE LABOR MARKET IN LATIN AMERICA AND THE CARIBBEAN ARE DISCUSSED IN ECLAC MAGAZINE

D

espite advances of last decade, labor markets in the region continue showing acute weaknesses, including high informality, large productivity gaps, a high percentage of poor and vulnerable workers, and low levels of participation of women, according to an article published in ECLAC Magazine.

The study “Aspects of the recent evolution of labor markets in Latin America and the Caribbean”, included in the new edition of the academic journal of the agency of the United Nations, indicates also that the notorious labor inequalities between men and women, discrimination of different groups of workers, low levels of job quality, and low levels of ongoing training, organizing and collective bargaining are other challenges ahead.

According to the author, the Head of the Unit for the Study of Dynamics and Employment Situation in Economic Development Division of ECLAC Jürgen Weller, in the near future there are several aspects that threaten to slow the pace of labor improvements: A less dynamic global environment, the slowdown in domestic demand in several countries to the currency appreciation and high levels of household debt.

At its 114th, which today is already available online, ECLAC Magazine also includes the article “Latin America: Total factor productivity and its decomposition” in which teachers of the Federal University of Ceará (UFC) in Brazil Jair Andrade Araujo, Deborah Gaspar and Almir Feitosa da Silva Bittencourt, address the macroeconomic variables that affect the issue of technical inefficiency observed in the period 1960-2010 in some countries of Latin America.

In “Work, family and changes in public policy in Latin America: equity, mothering and responsibility” teachers Merike Blofield, University of Miami, and Juliana Martínez, University of Costa Rica, investigate policies adopted in five

30. Legislación y Economía - Diciembre 2014

Source: CEPAL countries in the region to reconcile work and family life between 2003 and 2013 as well as the design implications of these measures for socio-economic and gender equity.

The publication also includes articles on the share of labor income in total income in Latin America, the financial constraints of economic development, China’s foray into the North American Free Trade Agreement (NAFTA), the impact of the exchange rate real in the industrial sectors of Colombia, an analysis of global integration, dismantling and competitiveness in the electromechanical sector in Mexico, building technological capabilities in unstable scenarios in Argentine and Brazilian manufacturing firms, and a study on the index of political instability Brazil between 1889 and 2009.

ECLAC Magazine was founded in 1976 by Raúl Prebisch and has served as a vehicle for transmitting ideas from the research community both within institution and region in general.

The views expressed in signed articles are those of the authors and do not necessarily reflect the views of ECLAC. L&E

BETTER EDUCATION AND SKILLS DEVELOPMENT ARE KEY TO BOOST THE INCLUSIVE GROWTH

L

atin America slowed in 2014, growing below 1.5%. For the first time in a decade, the GDP growth rate would be lower than average of countries of the Organization for Economic Co-operation and Development (OECD), as reported by the Development Centre of the OECD, the Economic Commission for Latin America and the Caribbean (ECLAC) and the Development Bank of Latin America (CAF). Furthermore, it is not expected a strong recovery of the economy by 2015, according to projections recent weeks.

Fuente: CEPAL

versification allows creation of decent and better paying jobs, generating, in turn, less labor informality and underemployment and, therefore, less inequality. In the coming years, learning policies and diversification should top the agenda of Latin America and the Caribbean.

“In absence of an exceptionally favorable external environment, region needs to deepen regional integration and address the structural challenges of development, to support its growth potential, primarily in the areas of innovation and production patThrough joint publication Latin American Economic terns, and education and skills techniques they requiOutlook 2015, the three agencies urged to take steps to re”, said Enrique Garcia, President and CEO of CAF. address this slowdown, noting that, despite the progress seen in education and the development of skills, The publication highlights the existence of a wide gap much remains done to improve education and ad- between educational attainment of a high school educadress persistent and deep socioeconomic inequalities. tion in Latin America and a student of the OECD: the “If we want to avoid a decade of slow economic growth equivalent of 2.4 years of additional schooling. Also in Latin America, we must improve education, streng- substantially influence socioeconomic inequalities in acthen the capacities of workers and promote innovation. cess to education and their results. Only 56% of students from more modest backgrounds attend secondary eduPolicymakers must make significant efforts to achie- cation, compared with 87% in field of higher income. ve greater and more equitable growth, “said 9 December the OECD Secretary General Angel Gurria, during The deficiencies of quality in education are also reflected the launch of the Outlook, the Ibero-American Sum- in the lack of capacity and mismatches in the labor market, mit of Heads of State and Government in Veracruz. whose impact significantly affects competitiveness of LaTo meet the growing demand for qualified personnel is tin American companies. Firms in the region face greater necessary to facilitate structural change through the di- challenges than other regions in the world to find emploversification of the production structure towards sec- yees with the right skills. The report reveals that the protors with expertise. In fact, “without a restructuring bability that a Latin American company can’t find workers at the level of production, lacking a link in the chain with the necessary skills is three times higher than for a that links education, productivity and innovation” company of Southeast Asia and 13 times greater than for a said Alicia Barcena, Executive Secretary of ECLAC. company in the Asia Pacific region. This problem arises especially in key sectors such as automotive and machinery.

This link has a key role in the distribution of income. Di31. Legislación y Economía - Diciembre 2014

To address this skills shortage, it’s necessary to implement clear policies in technical and vocational secondary pre-primary education and. Policymakers must make more and better investment in pre-primary education, where the main soft skills, such as socialization and perseverance in the acquisition of knowledge, concepts that are vital for the labor market are developed.

the performance of the economy and we reaffirmed the agency commitment to continue working with that nation to move towards sustainable development that improves the quality of life of its inhabitants.

Also, Bárcena participated in the X Iberoamerican Business Meeting, which brought together heads of the largest companies in Spain and Latin America, where she stressed the Also need to allocate resources for education in a more need to improve policies to support small and medium enprogressive manner, in order to reduce socioeconomic terprises in region as a strategy to cope with downturn. L&E inequalities. On the other hand, it is necessary to adapt the classroom practices to ensure better performance, including the help of tutors, the management of teacher expectations and student motivation. Improving the quality also depends on the control and evaluation, as well as the existence of better structures to incentivize teachers.

Finally, government and private sector should work closely to better link technical and vocational education to the demand for specialized skills in a changing global economy.

During the Ibero-American Summit of Heads of State and Government in Veracruz Executive Secretary of ECLAC, Alicia Barcena, also met with President of Dominican Republic, Danilo Medina, who discussed

32. Legislación y Economía - Diciembre 2014

EDUCATION AS THE INFLUENCE FACTOR IN POVERTY

E

ducation is a key for successful development of individuals, thus helping to improve the quality of life tool, thus becoming a key to end the cycle of poverty.

Rivera, Bolivar and Castañedas conducted a social work in conjunction with the Apostolic Community Force of God, with the aim to share with more than 50 low-income families in the Patria Nueva Community, located in Las Cumbres, where baskets were delivered food and gifts, making a nice living with the locals.

Note that during the development of the activity the various problems facing the community such as was observed: what is the lack of education, lack of schooling observed families, because they don’t have financial resources necessary factor has a direct impact on their children because they may not provide a good education.

Alexander Canto - Docente archivo2@rbc.com.pa

The MEDUCA has invested in education, we wonder then, that in this area not too far from the city, haven’t reached the educational changes that are being generated, this is where MEDUCA must act and seek a solution to schools forgotten.

I believe that the government together with the MEDUCA should implement innovation projects, build good infrastructure and provide them with educational supplies needed, not only in this area is secluded .As knowledge of all nationwide are hard to reach areas that are in the same conditions or worse, thus being forgotten, where the level of education is low, leaving as a result dropout and illiteracy

Similarly there are other factors that affect either education, as in the case of early pregnancy, homes in deplorable conditions not have toilets, drinking water, are some of the constraints they face, which don’t favor at all their living conditions.

I believe that the aforementioned problems arise because they have an academic preparation, not become aware of the importance of a good education is indispensable to cope requirement.

Children of this community lack opportunities because their parents don’t have the means to give them a good education, this implies that they have full access to education, technological advances have now therefore may not acquire the knowledge and skills necessary to adopt healthy lifestyles and take an active role in making decisions that are going to affect future skills.

Another of the problems identified was the lack of school infrastructure, which lacks the necessary conditions to carry out teaching-learning process, so effectively is to.

Now, it’s up to MEDUCA provide equal opportunities in equal status to students of different schools.

There has been talk of raising quality of education, changes have been made in education: as is the curriculum transformation, converting bilingual education, accreditation of schools.

33. Legislación y Economía - Diciembre 2014

In conclusion it is important to mention that we all have the right to receive a quality education, adequate and useful, since it has the power to change the lives of people, and the best way to achieve this would be to have a desire to excel, because a good academic education opens many doors in today’s job market which is competitive. L&E

S

SPORTS IN EXTREME POVERTY: FEASIBLE?

ports caps this month we want to dedicate to the children of the community of El Vallesito located in Las Cumbres.

Community is that we had the opportunity to visit on Sunday December 14; together with the Apostolic Community Force of God; where we were allowed to make a small but significant activity for families of this community.

Albin RodrĂ­guez albin.rodriguez@rbc.com.pa

community and endeavor to provide support to provide better opportunities for families; because children are vulnerable to falling into vices and social risk. Establish programs for mothers and young women; to orient them on the importance of planning and avoid early pregnancy.

We believe that there is sporting talent in these communities for these children and young The main goal of our article this month, is to people can develop their sporting skills. L&E leave reflected that communities near the urban area; in extreme poverty, lacking all basic necessities of life. Among the shortcomings afflicting the community of El Vallecito, are that of a school in optimal conditions; and sports and recreation for over a hundred children living there structures; who are the future of our country.

Do not have soccer fields, baseball or sports complexes, and recreational parks. We observed a project including a synthetic pitch last government never ended; which is increasingly deteriorated.

One of the reasons why our youth crime falls due to the lack of sports programs that encourage young people to develop their talents; and this is achieved through sports and recreational facilities.

Therefore, we take this opportunity to ask them to authorities, approach and make a visit to this 34. LegislaciĂłn y EconomĂ­a - Diciembre 2014

T

NEVER TOO LATE TO FULFILL OUR DREAMS!!!

he article this month is totally different from what I usually write, December is a time when we tend to consumerism, either out of habit, it is time to give and receive, or because we have extra money savings, bonuses, etc, etc, and let ourselves be influenced by the whole battery of advertising there in the media of all kinds of tempting offers and don’t resist purchases, and often a significant percentage of them do not need them, my recommendation is that use our savings on items you really need, this is a brief hiatus to start my article, I think it is ideal for this time when we are close to entering a new year.

I had said last month that they would relate my experience to run the flagship marathon world; The New York Marathon.

It was almost the third week of August when I saw a game of tennis in which Caroline Wozniacki said to run the Marathon of New York to support a cause of Run for Kids, at that time was like someone to tell me Nadia you can also do the same, immediately locate the Site of the New York City Marathon and look for causes that could support to run, however the minimum amounts of donations were somewhat elevated and immediately disappointed because I thought they were cheaper, however also said that if you were not a resident of the United States you could apply for ITP, which are international organizations that offer complete packages with guaranteed quota, and I know many of you will wonder why do it that way, turns out to participate in this marathon is by lottery, and if I don’t go graceful, this is the other way to apply. That afternoon I wrote email to the company that corresponds area 35. Legislación y Economía - Diciembre 2014

Nadia Chang - Strada Eleganza rbcweb@rbc.com.pa

Panama, I sent the details figured required to apply.

The following Monday I received a response from the company, saying that they could get me comfortable fit and got all details that make for payments, etc. etc.

Already in early September was officially registered in the Marathon of New York, but there was a downside, it wasn’t training enough to undertake this challenge, the time remaining were scarce two full months to reach a marathon need at least five months of training.

I was doing some long funds, but weren’t enough, find some programs on the web training for advanced riders, since that would require double the effort. And so I did, running around 70 kms per week to meet with mileage necessary, before that I had a drop in my store and had a sprain grade 1 or 2, and another day running on Coastway fell and scrape off importantly leg and shoulder, because I do some weight lifting and have a somewhat stronger muscles no fracture my shoulder as this protected me, on the other hand started having pain in the soles of the feet, plantar fasciitis a common injury in runners, but relieved in some cases break, and couldn’t afford to do as it was against time, started two days a week with therapy and sports massage to see if I eased, but didn’t help much, because I kept running and was restless.

I made all this history to see all the difficulties I had before the big challenge every time started to train the first 5 kms were much pain and discomfort until warmed enough I was relieving, but never disappearing from around the pain.

So complete training to get to New York on November 2, my 53 years going to meet one of the great dreams had in my life since started running ten years ago, I always said someday want to run this marathon, but time passed and never decided me, perhaps fearing the weather, or because felt I was already somewhat old for that, but as we say God’s timing is perfect and so is only when he decides that we are prepared to receive blessings how are you not get in the way.

Well come on my trip to New York October 31, plus all the training, we must also add that had the weather factor against me, I have run two marathons in Panama to my 48 years, my 50 and then now my 53 years. Had to prepare the appropriate outfit for cold, so I bought two complete outfits to decide upon my arrival in NY which would use, also bring shorts if weather permitting me.

from drugs the days before a marathon, because before help can harm us completely our performance.

Saturday morning to turn on the TV kept saying many warnings of severe weather for Sunday, very low temperatures and worst of all wind of 37 mph were expected to imagine as started, I was prepared for the cold, but not for high winds, had to visit a supplier in Madison Avenue, and went to work a couple of hours and end the at 4 p.m., I went to a sports shop to see what else could get to protect me, as the site of the marathon also had sent emails (thanks to having the Ipad could see) that warned riders be properly dressed for the weather that Sunday would be presented, I went to the store and it was impressive to see the number of runners who were doing the same as me, looking around for protection, although there is a basic rule that the day of a race no premieres anything, I had to improvise and buy different wearing gloves and hat especially for wind, a wind breaker jacket, extra socks and patches that are placed in the hands, feet and body to keep warm. I arrived at the hotel almost at 7 pm very tired, I had not done any of the recommendations given all the books had not rested anything, had not fed me correctly, stomach discomfort and distress to think as you would with that cold so terrible .

Arrival in NY and suffer often be distracted and the first error that framework significantly, was to leave forgot my cell in transport that took me to the hotel, noticed upon arriving, cried, despair, was a important in my life, and wanted to get in touch with my family, traveling alone, wouldn’t be like taking pictures the day of the race, because I thought running with the phone, everything will mess me, time was nearly 5 p.m. when arrival and had to go to the Expo where the numbers are removed before 7 pm, so after the crisis cell to walk with a cold rain of 5 degrees to Javis Center on Avenue 11 and my hotel was on the fifth Avenue, were like 20 minutes walk, everything he had dreamed and planned for the last two months had changed, didn’t feel anything, I was starving, and there was only breakfast, would not have pictures of everything I thought and was also not very lively at that time, in order to remove my back and return to the hotel, on the road looking for a restaurant that sold soups that was what Finally came the awaited day for me and as you can caused me, but only tried a bit and started vomiting. see so far he had not left anything as I had planned for many months, to top it off couldn’t sleep that much, I Is incredible as stress situations we immediately unba- woke up at 3:30 a.m., and the first thing I did was to lancing our system and especially our stomach, get kneel and ask God to help me to fulfill my dream, to a little sick to the hotel and got my bags and take a give me the strength and endurance needed to combath, to again go to the Apple store to report that my plete the marathon, to protect all riders and most imIphone was lost and no one could use, it was almost portantly that we shall regulate better weather, only 9:30 p.m. when I walked back to my hotel, still with could, there was a moment that almost beg you to susmy upset stomach and pass a very restless night, be- pend the marathon as e said they had removed tents cause I knew something was wrong on my system, by bad weather and insisted we got very protected. and worst of all not it is advisable to take anything 36. Legislación y Economía - Diciembre 2014

Down to breakfast around 4:45 a.m. and had another couple of Venezuelan runners, immediately engage in conversation with them and we went together to 45th Street where the bus that would take us to Staten Island was, everything went smoothly on the bus I felt much distressed because everyone knew were all Venezuelans, and I was the only Panamanian and alone.

In order to enjoy the scenery made pens, all very nice and organized, got off and an impressive amount of volunteers telling everyone where to go, tents with coffee, donuts, gatorade, water., Decided to eat something extra, since no ate a lot at the hotel. I take a coffee and a bagel eager, at that time if you already had real hunger, had taken two bananas and water with electrolytes.

I have to wait three hours for my departure as it was in Wave 3 coming out 10:30 am so wearing garbage bags and used as wind breaks, as it was too strong and trembling, had a cap with logo Strada Eleganza, and when I touch his head he had taken the wind and didn’t give me no cognizance, in the area of Dunkin Donuts give away some hats for the cold, but I don’t play me though was under a tree when one flew towards me, so like a homeless feel free to wear it to cover my ears, as the wind pressed me a lot and hurt and knew there would be a difficulty. It went faster than I thought long and I get my time, I was very lively and happy, I started to strip me of all the clothes I was wearing my running clothes, which is allowed in special boxes that they put to donate to the poor, not warmed nothing in my hands still had patches of heat, but if I wash away the foot, because I knew how it would be with the shoes and they in and didn’t want to risk it.

It’s time to put background music New New York by Frank Sinatra and cannons give notice that we have to the game, however to get to the line that starts reading the chip spends five minutes of easy jogging. I was already very happy, I had spent all ailments, ran the cold wind on my face, started up the Verrazano Bridge, the wind blew me literally, so decided to get in the middle of more peo37. Legislación y Economía - Diciembre 2014

ple to protect me, because I had put on the sides because wanted to see the bay, but the wind made me move to the center, was something really impressive groundswell of people all united into one dream run and finish the world’s largest marathon, is indescribable emotion that I felt when crossing this majestic bridge with the wind and cold, but my happiness was greater than the weather.

We arrived in Brooklyn and the thing becomes interesting, many people bet on encouraging streets with posters, with bands, with sound equipment, church choirs, a community without distinction of class, race or religion, all support us, feel as a movie star, close the city of New York for you, New York Police guarding each of us both security and animators, volunteers every mile giving us water and gatorade, children want to touch you, greet, no one sad all in their faces they give huge smiles and perceive that you are sincere, if something has definitely New York is its people, are very special people who make you special to you.

We arrived in Queens, follow the excitement, applause, all kinds of animations, whenever you feel more and more encouraged to follow, but the route is difficult by bridges and elevations there, reminds you that not everything is pink colored, start your legs to remember you’re in a marathon, I had my race strategy and there were times when I felt the urge to go faster, but I contained because wanted to get well, not wanting to get to the last worn-kilometers, as had happened in Panama, in addition to that couldn’t stand because the cold was going to freeze immediately, should keep moving.

So reach Manhathan, then the most picturesque Bronx, passing and had a regue a Panamanian and I will shed some tears in the Bronx, played music of a fellow, he had not only seen a flag of Panama on the whole route, and excites me so much jumping and screaming for the one with the flag see me there was a fellow running, well it was a special moment for me.

Then back again from the Bronx to Manhathan to reach the finish line on Central Park, I hydrate at each point giving water, don’t skip any, as this was recommended by my coach, and also use a different strategy, spend each mile at different important people in my life, that kept me entertained and thinking of nice things to dis-

tract me from the pain I start feeling after being running almost four hours without stopping, which have spent the days before or before marathon no longer exists in your body, is only 50% of your training is mental work, at that point the physical part no longer exists, but what your mind tells you, had exercised the mind for the big day and use all the strategy I thought of my children and friends, had to end, could not afford to not reach, arrive at kilometer forty, was only two kilometers and 195 meters to finish what I set out at that time I thought, Nadia good now if you take everything you have within you, forward to your legs, which then already weigh like lead, and told me lift up yourself up more feet off the ground, this is no time to rake the floor.

It was in last kilometers, and not as but kick forces no where and started to accelerate the pace, when viewing the goal at the bottom, began to unfold the flag of Panama wearing my belt, at that point our mind this troubled, so I put a link to put it on my finger to remind me that it was positioned correctly, because it would be unforgivable turn it inside not to be well concentrated, and already in the final seconds I put around the neck and on arrival the goal with tears in my eyes I looked everything my aching arms as allowed me and I kept reaching my dream, and not only did it, I did it with two minutes less than my previous brand, was happy, I knew that my children, family and friends were following me step on the site that allowed see where was the runner, knew they would be celebrating from Panama that her mother arrived, I thought of my children,, in all my family and friends who knew all my sacrifice to reach that special moment in my life.

This long history, is to reassure each one of the people who read this article that everything that we put in our minds is possible, despite the difficulties we have in the road to success, we can overcome them if we keep fixed our desire to achieve something, no matter what age, whether negative people tell you that you can’t be, always with the certainty that we can arrive to fulfill our dreams and goals.

My official time 4 Hours 29 Minutes 38 Seconds, arrival time 3:00 pm, come to my hotel 6:30 p.m., walking for an hour and a half after the marathon, to a crawl, almost frozen because the wind and the cold got worse, but comes with a huge smile of satisfaction, an unfor38. Legislación y Economía - Diciembre 2014

gettable experience, the city of New York is amazing, the New York Police watches everything concerning security, wonderful people, more than one million residents along the yelling route, you can, great lights, are heroin, are invincible, you can, almost you arrive, get your hands, give you fruits, pills, gels all for brokers fulfill their dream of crossing the finish line, the organization of the Marathon is amazing, no detail to criticize, I am eternally grateful to God first that allowed come to fulfill my dream, and all my family, friends, my coach, and the wonderful city of New York, that if it was special to me before, now is more that is special.

L&E

ACTIVITIES FOR THE MONTH OF DECEMBER 2014 AND JANUARY 2015 Mariela Sanjur mariela.sanjur@rbc.com.pa

December 2014:

“Preserving the essence of our National Costume” Location: Cubitá Boutique Resort & Spa Chitre, Concerts: Saturday, December 6: Carols by Candlelight con- Herrera cert was held at 7:00 pm in the coastal strip, Festivals and Concerts: Monday 8 December, the Municipality of Pana• Panama Jazz Festival XII from 12 to 17 January ma presented at the coastal strip a Concert for Mothers Day. The National Symphony Orchestra in the City of Knowledge.

•Z Generation 2015 to be held on 8 to 11 January played known musical pieces Disney repertoire.. at the Atlapa Convention Center.

Christmas parades: • 2nd. Panama Poor Film Festival: www.panalanThe Christmas Parade organized by the Municipality of Panamal, Sunday December 14 was held dia.info • XXIV El Valle Music Festival to be held Saturfrom 2:00 pm. day January 31 at 8:00 p.m. in the Church of San José del Valle January 2015: • Musicalion: From January 29 to February 8 Parades: Musicalion returns. Enjoy 7 free event Omar Park • Thousand Polleras Parade in the City of Las TaAmphitheater. blas to be held on • Ricardo Arjona “Travel Tour” on January 28 at Saturday January the Figali Convention Center 10 at 3:00 p.m.

Important Fairs: • Dirty Devils • Fair Flower and Coffee: will be held from 9 to 18 Parade to be held January in the District of Boquete, Chiriqui. in the City of Las • Fair Tanara: to be held from 8 to 18 January in Tablas, Sunday Chepo.

January 11 at • Feria de San Sebastian de Ocú: from 15 to 20 11:00 a.m.

January in Ocú District, Province of Herrera.

Congress: • International Fair of La Chorrera: from January • 1st National 21 to February 1 in the District of Chorrera.

Congress of La • Feria de Santa Fé de Veraguas: from January 29 Pollera from 7 to to February 2, in the District of Santa Fe, Province 9 January 2015 39. Legislación y Economía - Diciembre 2014

of Veraguas.

National baseball: • National Youth Baseball Championship Plinio Castillo Ruiz Cup: Initiate in the city of Panama, on Saturday January 10th at the Estadio Nacional Rod Carew game that Panama Metro will face Chiriquí.

Museums: • MAC: From November 26 to January 10, 2015, will appreciate the exhibition “Crossing the ocean.

Exhibition of Contemporary Chinese Art”, Panamanian China Friendship invite you to the opening of the exhibition: Crossing the ocean. Exhibition of Contemporary Chinese Art.

Activities for children in the summer: ECOTRIP - CAMP 2015 - El Valle de Antón – Panamá • Children 9 to 12 years: January 8-11 / 22-26 January • Children 13-15 years 15-18 January / January 29 to February 1 KIWANIS SUMMER 2015: In the Ciudad Deportiva Kiwanis offered every summer sports such as soccer, tennis, swimming, basketball, baseball and recreational sports activities conducted by certified instructors.

Registrations are open at 317-0740 / 317-0208 or write to our email: ciudad.deportivakiwanis@ gmail.com Date: January 5, 2015 a January 30, 2015.

Hours: 9:00 a.m.-1:00 pm / Monthly B/. 200.00.

Workshops 2015 season OLGA SINCLAIR 40. Legislación y Economía - Diciembre 2014

FOUNDATION: “The family paints the MODIGLIANI style”; for children 1 to 18 years. Free paint shop.

• January 10th – Santiago – Veraguas • January 24th – Colon City • January 31st – Panama City L&E

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