Panama’s New President Gears Up for Work

While most of Panama was away on summer holiday (remember our summer is from January – March), President Varela and his cabinet have been writing checks, putting out jobs to bid, and planning future projects that will have a direct impact on people living in Panama.

Thus far in the first 4 weeks of the year, we have seen the following:

• Formalizing the job order for the government of Japan to proceed on Metro Line 3
• Announcing major public works and a new stadium for the island chain tourism capital of Bocas del Toro
• Rolling out a $625k signage initiative that will ultimately mean better addresses and a more navigable Panama
• Promoting an $18M initiative to provide more street, sidewalk, and highway lighting throughout the country

This is not fiscal reform or social services initiatives, this is tangible government spending that will directly impact both locals and foreigners, tourists and residents. And this is the kind of money that we believe drives real estate prices. Residents in the city experience less traffic heading to the beach on the weekends. Pedestrians can get to point A to point B instead on foot instead of by a taxi. Crime goes down because neighborhoods are better lit. This is a quality of life investment, and this is the sign of well thought and (lets hope) well executed use of funds.