Friday, October 31, 2025.
The Quiet Before the Turning
Lately, I’ve been feeling like the world’s holding its breath. You can sense it, not just in the headlines, but in people. The tension, the uncertainty, that quiet just before something shifts. I’ve seen moments like this before, both in life and in my line of work. They’re thresholds or pauses between what was and what’s about to be.
Some call it politics, others economics. But I suspect it’s something deeper, something that runs through all of us. You can almost feel the fabric of things stretching. Nations on edge, markets built on air, people drifting from one distraction to the next. The noise might seem random, but it’s not. It’s the sound of change knocking.
But thresholds aren’t warnings, they’re invitations. They tell us it’s time to prepare, not to panic. To take inventory of what actually matters: family, integrity, discipline, faith, brotherhood. I don’t believe prophecy is about predicting dates or disasters. It’s about recognizing patterns and learning from them before they repeat.
When the world gets loud, the wise go quiet. They listen and build their foundation while others debate whether the storm is real.
That’s actually how this newsletter began. Back in early 2020, an expat friend here in Panama was completely oblivious to what was about to happen. The government was hours away from shutting down the entire country, and he was out in Chiriquí, laughing with a friend who’d just flown in from the States. He had no idea the borders were closing, the airports were shutting down, and that life as we knew it was about to change.
It struck me then that most people don’t see the signs until they’re living inside them.
So that’s what this space became: a place to pause, to think, to inform, to stay aware. A reminder that the signs are always there, if you’re paying attention.
Every turning begins quietly and maybe that quiet is exactly where we should be listening.
Brett Mikkelson
Director, B.M. Investigations, Inc. – Private Investigations in Panama
TOP NEWS and TIDBITS:
BAC Announces Intention to Acquire Multibank, Both Belonging to the Grupo Aval Conglomerate
When BAC Holding International Corp. (BHI) announced this week its intention to acquire 99.56% of the shares of Multi Financial Group Inc., the parent company of Multibank, the news sparked curiosity: how do you announce a purchase between two banks that already belong to the same financial group?
Both BAC and Multibank are part of the Colombian financial conglomerate Grupo Aval, which acquired BAC Credomatic in 2010 and, ten years later, purchased Multibank through its subsidiary Leasing Bogotá S.A. Panama. Since then, both entities have operated independently, each with its own structure and corporate governance, though under the same Aval umbrella.
The operation announced now aims to reorganize these pieces. If completed, Multibank will no longer be under the direct ownership of Banco de Bogotá — also part of Grupo Aval — and will be integrated into the structure of BAC International Corporation (BIC), a subsidiary of BHI, based in Panama.
BAC is a company listed on the stock exchanges of Panama and Colombia and operates as an independent financial group in Central America, with a presence in six countries. With this integration, the consolidated entity would rank among the three largest banks in Panama, with over $43 billion in assets and a loan portfolio exceeding $30 billion.
“BAC is at the best moment to carry out this transaction. In recent years, we have grown consistently and sustainably, which allows us to aspire to complete this acquisition,” explained Rodolfo Tabash Espinach, Chairman of BIC’s Board of Directors and CEO of BAC.
Meanwhile, Ramón Chiari Brin, CEO of BAC Panama, highlighted that the decision reflects “the confidence that Panama generates as an engine of economic growth in the region.”
During the transition, both banks will continue operating normally until approvals are obtained from shareholders, boards of directors, and regulatory authorities.
The story behind the reorganization
The operation has its origin in a decision made three years ago. In 2022, Grupo Aval and Banco de Bogotá completed a corporate reorganization that separated the operations of the BAC Credomatic Group — responsible for banking in Central America — from Banco de Bogotá’s operations in Colombia.
With this spin-off, BAC became a completely independent company under the name BAC Holding International Corp. (BHI), headquartered in Panama.
According to the company’s statement to SNIP Noticias, the goal was to simplify the group’s structure and provide greater transparency and value to shareholders. BAC had grown so much in the region that it represented a significant portion of Banco de Bogotá, which made management and business evaluation more complex.
Separating the operations allowed Banco de Bogotá to focus on its local market, while BAC leads its expansion in Central America with autonomy. Investors, in turn, can value each business individually.
Before the separation, BAC was indirectly controlled by Banco de Bogotá through its subsidiary Leasing Bogotá S.A. Panama. With the spin-off, BHI became a fully independent entity, focused exclusively on regional banking and financial services in Central America, while Banco de Bogotá and Grupo Aval maintained their focus on Colombia.
Today, the integration of Multibank into BAC represents the next step in that reorganization process. BAC is now a separate company, with its own structure and shareholders, capable of growing in the region independently, while Banco de Bogotá and Aval concentrate their efforts on the Colombian market.
They Create Program to Track Containers Entering and Leaving the Country
The Cabinet Council approved this Tuesday the Decree “Establishing the Interinstitutional Coordination and Intergovernmental Assistance Program for Cargo Verification in the Territory of the Republic of Panama and Issuing Other Provisions.”
Under this new regulation, all containerized cargo entering, transiting, transshipping, or leaving the national territory may be inspected using non-intrusive technology.
This includes empty containers, when so determined, either selectively or randomly, applying selectivity criteria in accordance with international best practices in risk management and the regulatory provisions established by the National Customs Authority (ANA), with the purpose of ensuring secure trade within the international logistics chain.
The ANA will implement this program in coordination with other government entities involved in the entry, exit, or stay of goods in the national territory, or that, due to their competence, have an interest in combating organized crime, terrorism, the proliferation of weapons of mass destruction, smuggling, and the consequences arising from such movements.
Under the umbrella of the ANA, the Container Technical Inspection Unit will be created, responsible for the technical inspections and verifications of container cargo.
A Risk Analysis Unit will also be established, along with corresponding matrices, profiles, and evaluations for risk, hazard, dangerous cargo classification, security confinement, and return to the port of origin.
It was reported that, in coordination with port and airport economic agents, as well as with the competent authorities, technical requirements and terms will be established and implemented regarding the acquisition, contracting, operation, maintenance, and supervision of non-intrusive inspection equipment and technology to be installed and located at international ports and airports, land borders, and Free Trade Zones.
In this regard, Customs will periodically inform and submit to the National Security Council a detailed report on the work carried out in container inspections, including the corresponding evaluations and recommendations, in compliance with the principles of transparency, legality, and security of Panama’s foreign trade.
Additionally, it was announced that the entity will seek to establish as many bilateral and multilateral mutual assistance agreements as possible with customs authorities of other countries, in order to obtain the most reliable information and minimize risks to the security of the international logistics chain.
President Mulino Enacts the 2026 General State Budget, Amounting to B/.34.901 Billion
The President of the Republic, José Raúl Mulino, enacted Law 293, which establishes the General State Budget for the 2026 fiscal year, with a total amount of B/.34.901 billion. The budget includes an investment program of B/.11.188 billion aimed at stimulating the economy, generating employment, and improving the quality of life of Panamanians.
The President emphasized that the budget allocation follows a social approach, prioritizing the needs of the population and ensuring the provision of essential services, while also promoting productivity and fiscal sustainability of the State.
“This budget reflects our government’s commitment to the people, to education, health, and the well-being of all Panamanians. Every balboa invested seeks to create opportunities and strengthen confidence in the country’s institutions,” highlighted the President during the enactment ceremony.
In the Health sector, the allocated budget amounts to B/.10.049 billion, of which B/.1.838 billion is designated for the Ministry of Health and B/.8.211 billion for the Social Security Fund.
For the Education sector, the budget totals B/.5.690 billion, distributed as B/.3.6395 billion for the Ministry of Education, B/.830.5 million for universities and specialized institutes, and B/.1.219 billion for other sectors contributing to educational development.
Additionally, B/.279.6 million was allocated to the Agricultural sector, B/.715 million to Public Works, and B/.985 million to Security.
The 2026 General State Budget maintains a focus on fiscal responsibility, projecting a reduction of the deficit from 4.0% of GDP in 2025 to 3.5% in 2026, in accordance with the Fiscal Responsibility Law.
Moreover, this budget reflects efficiency in the use of public resources, transparency in its distribution, and promotes inclusive economic growth. With the enactment of this law, the National Government reaffirms its commitment to managing public resources efficiently and responsibly, ensuring that every investment contributes to the social and economic progress of Panama.
The Mine Acknowledges that the Panamanian State Owns the Minerals and Expresses Willingness to Reach a New Fair Agreement
First Quantum Minerals Ltd. (FQML), the operator of the Cobre Panamá mine, acknowledges that the Panamanian State owns the country’s minerals, as stated by the President of the Republic, José Raúl Mulino.
In this context, the company expressed its willingness to resume talks with the Panamanian government following the political and social crisis at the end of 2023, which led to the shutdown of the mining project.
According to a Bloomberg report, the company’s CEO, Tristan Pascall, reaffirmed full recognition of the sovereign ownership of Panama’s resources.
“We remain hopeful that, through ongoing dialogue and goodwill, we can reach a new fair and lasting agreement that delivers the best outcomes for all stakeholders,” Pascall said during an investor conference.
Pascall emphasized that the company is committed to achieving a “fair” fiscal structure that reflects not only shared benefits but also the more than $10 billion already invested in the country.
The executive also noted that they are ready to begin formal negotiations with the new government to reactivate what was the country’s largest private investment, and that the restart could provide a significant boost both to the Panamanian economy and the global copper market.
Bloomberg also reported that FQML suspended in March two international arbitration processes (one under the Canada-Panama Free Trade Agreement and another before the International Chamber of Commerce), as a goodwill gesture to facilitate a new agreement with the Mulino administration.
The company is now awaiting the official schedule for an independent audit to assess the condition of the facilities and environmental risks, a process the government indicated would be ready by the end of this year.
During the last quarter, FQML exported the copper stored on-site, using the proceeds to preserve and maintain the closed facilities.
According to Bloomberg, this public stance opens a window of opportunity for the country, as the mine’s reopening “would boost the Panamanian economy,” but the path will need to be approached cautiously, following the massive protests that marked the project’s closure.
Driver’s License in Panama: ATTT and Sertracen Unveil New Design
The Land Transit and Transportation Authority (ATTT) and Sertracen presented this Wednesday the new design of the driver’s license, which will begin to be issued nationwide starting November 6.
According to the ATTT, the new format incorporates advanced security elements, providing greater confidence for both drivers and the authorities responsible for verification.
The institution explained that the rollout will be gradual, following the regular processes for renewal, replacement, or first-time issuance. Current licenses will remain valid until their expiration date.
This change is part of ATTT and Sertracen’s efforts to modernize and strengthen road safety and document security.
Dengue Cases Rise as Authorities Intensify Prevention Campaigns
The Ministry of Health (MINSA) reported that as of epidemiological week 41, corresponding to October 5–11, the country has recorded more than 13,207 dengue cases. This figure remains a concern for the health system due to the rapid increase in infections across several regions.
According to the official report provided by MINSA, more than 11,703 cases have been reported with no warning signs, while 1,416 show moderate symptoms, and 88 have been classified as severe dengue. To date, 1,280 people have required hospitalization, and more than 21 deaths have been reported due to the disease.
The provinces with the highest number of cases are: the Metropolitan region with 4,026 cases; San Miguelito with 2,361; Panamá Oeste with 1,426; and Panamá Norte with 1,234. Chiriquí follows with 800 cases and Bocas del Toro with 729. Among the most affected districts are Tocumen (949) in the Metropolitan region; 24 de Diciembre (768); Belisario Frías (561) in San Miguelito; Belisario Porras (514) in San Miguelito; and Ernesto Córdoba Campos (340) in Panamá Norte. Epidemiological records indicate that most cases occur in individuals aged 10 to 49.
The national incidence rate is currently 289 cases per 100,000 inhabitants, highlighting the need to strengthen preventive measures and community work. Therefore, the Ministry of Health continues to carry out vector control operations across all provinces, including fumigation, home inspections, and elimination of mosquito breeding sites.
Authorities stress that citizen participation is essential to prevent the spread of the Aedes aegypti mosquito, the virus vector. People are advised to remove any objects that can collect water, such as cans, bottles, tires, and containers, and to keep yards and rooftops clean. Citizens are also urged not to self-medicate and to visit the nearest health center if they experience high fever, headache, general malaise, muscle pain, or pain behind the eyes.
Specialists warn that all four dengue virus serotypes are currently circulating in Panama, with DEN-3 and DEN-4 being the most predominant, which increases the risk of more severe or even fatal cases.
For these reasons, MINSA reaffirmed its commitment to continue informational and prevention campaigns nationwide and called on citizens to join community efforts to protect the health of everyone.
National Assembly Approves Law to Prevent Food Loss and Waste
With 50 votes in favor, the Plenary of the National Assembly approved on Wednesday, in its second reading, Bill 396, which establishes a regulatory framework to prevent food loss and waste and sets forth other provisions.
The initiative aims to regulate the handling of food throughout the country and ensure that thousands of Panamanians facing hunger have access to safe and nutritious food.
Fuel Prices to Decrease Starting This Friday, October 31
The Panama Energy Secretariat announced the new fuel prices that will take effect this Friday, October 31.
According to the information shared by the agency, the price of 95-octane gasoline will decrease by four cents, reaching B/.0.85 per liter. Meanwhile, 91-octane gasoline will drop by three cents, settling at B/.0.82 per liter.
Low-sulfur diesel will remain unchanged at B/.0.82 per liter.
These prices will remain in effect until 5:59 a.m. on Friday, November 14, 2025.
