Guatemala; Anti-Extortion Strategy Intensifies; Transition Begins at the Public Prosecutor’s Office; Economy Grows 4.6%.

Friday, May 15, 2026. Guatemala Guatemala remains one of the most fascinating and economically important countries in Central America. Rich in culture, industry, tourism, agriculture, and entrepreneurial spirit, it is also a nation that continues to struggle with one of the region’s most difficult realities: territorial criminal control and systemic extortion. In many of the larger urban sectors and so-called “red areas,” security is not simply a matter of alarms, cameras, or guards at the front gate. For some businesses, operational continuity itself comes at a price. Delivery personnel, collection agents, transportation operators, and even small business owners are often forced to make recurring payments to local criminal groups simply to move safely through certain neighborhoods or continue operating without interference. To many readers in first-world countries, this may sound shocking. Yet historically, the concept is not entirely foreign. In many ways, it resembles the protection systems once associated with organized crime structures in cities like Chicago or New York during the height of mob influence in the United States. The difference is that in parts of Latin America today, these dynamics continue to exist openly within certain sectors and communities, creating an invisible tax on daily life, commerce, and economic growth. The criminal landscape in Guatemala is also far more complex than the simple labels often associated with the major maras. While large gang structures remain dominant symbols of criminal activity, much of the extortion economy is actually driven by localized cells, imitator groups, prison-directed networks, and independent neighborhood bandas that operate with varying degrees of sophistication and territorial influence. For companies considering expansion, investment, logistics, or personnel movement within Guatemala, understanding these realities is not about fear, it is about operational awareness. In many emerging markets, risk is not always found in headline events, but rather in the quiet, daily pressures placed upon businesses trying to function normally in environments where criminal structures have partially replaced institutional control. Brett Mikkelson Fundador, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Guatemala: Nearly 900,000 Passengers Arrive at La Aurora Airport During the First Four Months of 2026 During the first four months of 2026, Guatemala recorded sustained growth in international passenger traffic, according to information from the General Directorate of Civil Aeronautics (DGAC), cited by Noti 7. La Aurora International Airport received nearly 900,000 international passengers between January and April, reinforcing a clear trend of increasing dynamism in the Central American country’s tourism sector. According to the Noti 7 report, the DGAC stated that total international arrivals reached 869,385 passengers during the first four months of the year. This volume allowed authorities to maintain a monthly average exceeding 200,000 travelers, a figure that represents a high level of activity even outside the peak tourism season. January emerged as the strongest month of the period, with 248,934 passengers entering Guatemala through the country’s main air terminal. The DGAC report, cited by Noti 7, also detailed that 205,409 international arrivals were recorded in April. The pace of arrivals remained elevated despite April traditionally being considered a lower tourism month. These figures highlight the capacity of Guatemala’s airport infrastructure to sustain a steady and growing flow of foreign visitors. January positioned itself as the month with the highest migration activity, registering more than 248,000 international arrivals through the airport terminal. (Illustrative Image Infobae) International Departures from La Aurora Regarding departures, the DGAC reported 877,395 passengers leaving the country during the same period. January once again ranked as the busiest month, with a total of 243,759 departures. Authorities explained to Noti 7 that the difference between total arrivals and departures is due to transit and connecting passenger movements. It is worth noting that many travelers use La Aurora International Airport as a connection point to other destinations, creating a slight discrepancy between arrival and departure figures. The reported performance comes amid an international environment in which air mobility continues showing stronger dynamism compared to previous years. Authorities in the sector, supported by DGAC data, emphasized tourism’s role as a driver of the national economy and noted that the flow of international visitors directly contributes to the development of related services such as hospitality, domestic transportation, and local gastronomy. The difference of 8,010 travelers between arrivals and departures was attributed to La Aurora’s role as a regional transit and connection airport. (Illustrative Image Infobae) According to figures released by the institution, La Aurora International Airport not only maintains its relevance as Guatemala’s primary air gateway, but also demonstrates a positive trend in international traffic, an aspect authorities consider strategic for planning future investments in infrastructure and services. The DGAC reiterated that constant monitoring of airport movements allows authorities to optimize operations and respond to the needs of tourism and international travel. The institution also stated that interagency coordination and the adoption of modern technologies have contributed to the airport’s efficient management and passenger services. Additionally, the implementation of new solutions has improved security standards throughout the terminal. READ ORIGINAL ARTICLE HERE Guatemala’s Economy Grew 4.6% Through March Driven by Commerce and Industry Guatemala’s Monthly Index of Economic Activity (IMAE) recorded growth of 4.6% through March 2026, according to data released by the Bank of Guatemala (Banguat), reflecting a more dynamic performance of the national economy during the first quarter of the year. According to official information, cumulative IMAE growth stood at 4.4% in March 2026, above the 3.8% reported during the same period in 2025. The performance confirms a trend of sustained expansion in the country’s productive activity and demonstrates improvement compared to previous years. The indicator also shows favorable progress compared to 2024, when economic growth reached 2.9% during the first quarter, while in 2023 it stood at 4%. For the central bank, these results reflect a dynamic macroeconomic environment with signs of stability across different productive sectors. The IMAE is one of the main indicators used to measure the short-term performance of the Guatemalan economy, as it allows authorities to monitor economic activity before annual Gross Domestic Product

Costa Rica; U.S. Revokes Visas of La Nación Executives in Costa Rica; Wave of Violence and Organized Crime; Historic Rise of Women to Power in Costa Rica.

Friday, May 8, 2026. Costa Rica Costa Rica has long projected the image of stability in Central America, a country associated with ecotourism, foreign investment, environmental leadership, and democratic continuity. Yet beneath that image, the country is entering one of the most consequential transitional periods in its modern history. This week, our focus turns toward Costa Rica as shifting political dynamics, rising security concerns, organized crime expansion, and mounting institutional tensions begin reshaping the national landscape. Once viewed almost exclusively as the “safe haven” of the region, Costa Rica now faces growing pressure from transnational criminal organizations using the country as both a logistics and export hub for narcotics trafficking. Public concern over crime and insecurity has rapidly become one of the dominant political drivers in the country.  Politically, Costa Rica has entered a new phase following the February 1, 2026 national elections, where Laura Fernández Delgado, closely aligned with outgoing President Rodrigo Chaves, secured victory amid a campaign heavily centered on security, governance reform, and institutional change. The current administration’s strong anti-crime messaging and growing criticism of the judiciary have generated both domestic support and international concern regarding democratic balance and institutional independence.  At the same time, Costa Rica continues to remain one of the strongest tourism and residency destinations in Latin America. Its renewable energy leadership, relatively educated workforce, strategic geographic position, and continued appeal to expatriates and investors maintain important economic advantages. Tourism remains a central pillar of the economy, while foreign residency demand continues to grow among North Americans and Europeans seeking political stability, environmental quality, and lifestyle migration opportunities. This week’s review will examine Costa Rica through multiple lenses: geopolitical positioning, election outcomes and political continuity, organized crime trends, tourism dependency, energy and infrastructure development, foreign investment climate, residency migration patterns, and the broader implications for regional business and risk advisory operations throughout Central America. Brett Mikkelson Founder, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Costa Rica Achieves an Unprecedented Rise of Women in Political Power Despite the Conservative Surge This May 8 will mark an unprecedented moment in the history of Costa Rica: a woman serving as President of the Legislative Assembly will swear in another woman as President of the Republic, Laura Fernández Delgado, only the second woman to govern the Central American country, which is nevertheless experiencing a conservative surge under outgoing President Rodrigo Chaves Robles. That moment will be possible because this Friday, ruling-party attorney Yara Jiménez becomes the fourth woman to assume the presidency of the Legislative Assembly. The election of the attorney, who served as Secretary of Government under Rodrigo Chaves until this month, is the result of the sufficient majority held by the Sovereign People’s Party (PPSO), which secured 31 seats in the February elections, allowing it to control numerous legislative decisions. It also reflects a historic milestone in Costa Rican politics: the highest number of female legislators in the country’s two centuries of independence. With 30 women and 27 men, the unicameral Legislative Assembly for the 2026–2030 term consolidates the trend toward greater female participation in national political life. Only countries with authoritarian regimes surpass Costa Rica in female parliamentary representation: Rwanda with 63.8%, Cuba with 57.2%, and Nicaragua with 55%, according to the Inter-Parliamentary Union (IPU). Women also constitute the majority within the PPSO caucus, while the main opposition party, the National Liberation Party (PLN), has only one more man than woman. The leftist Broad Front also has a female majority, along with two single-member caucuses led by women. One of them is Claudia Dobles, former First Lady during the administration of Carlos Alvarado (2018–2022). After women’s suffrage was incorporated into the Constitution in the mid-20th century and three women were elected in 1953 — and only one in 1962 — Costa Rica gradually took steps to reduce gender gaps in positions of power. In 1986, the male-dominated Legislative Assembly, influenced by President Óscar Arias Sánchez, elected the first woman to preside over the legislature, Rose Marie Karpinsky. In the following 40 years, only two more women reached that position, although female representation steadily increased due to equality initiatives and legislation requiring political parties to maintain gender parity in candidate lists. This is how 2026 arrived to mark the milestone highlighted by Eugenia Zamora, President of the Supreme Electoral Tribunal (TSE), during her speech delivering credentials to the newly elected legislators. “It will be the first legislative body in our history composed mostly of women, the consequence not of chance or spontaneous circumstances, but of decades of struggle for a more democratic and more equal society.” Zamora herself became the first woman to lead the electoral authority in 2021. What some sectors celebrate as an achievement is not necessarily viewed the same way by the ruling movement that embodies this increased female representation. This has been explicitly stated by Pilar Cisneros, head of the ruling-party caucus during the Chaves administration, and in some ways echoed by Fernández herself. She rejected the feminine form of the title and chose to be called “president” rather than “presidenta,” as she will be sworn in on May 8. The 39-year-old political scientist takes power as a close ally of Chaves following elections widely viewed as a plebiscite on the 2022–2026 administration, with stronger support among men and older voters. “Inclusive language is associated with progressivism and is therefore targeted by this conservative sector,” explained María José Cascante, a political scientist and researcher at the University of Costa Rica specializing in gender issues. “It is not superficial; it is part of the cultural battle and something that touches deep sensitivities.” Cascante celebrates the rise in female representation as the result of affirmative policies, international commitments, and domestic activist pressure, while also warning of the strong presence of a conservative movement whose discourse explicitly rejects so-called “gender ideology,” a pejorative phrase commonly used by religious and allied groups. That sector is now part of the ruling coalition, as demonstrated by new meetings between Chaves and Fernández

Bolivia; Oil Nationalization Leaves Less Gas; YPFB Warns of Energy Crisis; Bolivia Rules Out Measures Affecting the Vulnerable.

Friday, May 1, 2026. Bolivia As we turn our focus this week to Bolivia, we begin with an observation that captures the broader challenge facing the country today, one that was shared with us by Joseph Weiman, a trusted colleague whose perspective we rely on when assessing Bolivia’s evolving risk landscape. Joseph noted that the Paz administration faces a significant task in rebuilding institutional credibility after years under MAS governance, particularly in the context of attracting Western investment. At the center of this effort is not just policy reform, but people, bringing in capable leaders who are both willing and able to navigate entrenched structural challenges, even when progress is slow and resistance is inevitable. This point resonates strongly with the realities we continue to observe on the ground. Investor confidence is not built through messaging alone; it is built through execution, consistency, and the demonstrated ability to overcome institutional friction. The selection of leadership, especially in key sectors, will serve as one of the clearest indicators of whether Bolivia is prepared to move in that direction. We’re grateful to Joseph for framing this so succinctly. His insight reflects exactly the kind of grounded, experience-based perspective we value as we assess risk across the region, and it sets the stage for a deeper look at Bolivia in this week’s report. Brett Mikkelson Founder, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: After 20 Years, Oil Nationalization in Bolivia Leaves Less Gas and Greater Dependence State revenues during the governments of Evo Morales and Luis Arce (2020–2025) totaled approximately $60 billion, according to Bolivia’s president, Rodrigo Paz, who alleged mismanagement and corruption involving part of those resources, claiming they were not used to strengthen the state oil company. The nationalization of hydrocarbons—symbol of the political cycle initiated by former president Evo Morales in 2006—reaches its twentieth anniversary amid growing criticism in Bolivia due to the decline in gas reserves, investment, and revenues, as well as the limitations of the state-owned YPFB in sector exploration, which has increased dependence on fuel imports. On May 1, 2006, Morales (2006–2019) surprised oil companies by announcing from the San Alberto gas field in southern Bolivia the nationalization through a decree establishing “absolute control” over the sector. The decree forced companies—including Repsol, Petrobras, and TotalEnergies—to hand over production to the State and renegotiate contracts within 180 days or leave the country. The decree included the military occupation of oil fields and plants, as well as the acquisition of majority stakes in strategic companies, increasing the State’s share of gas revenues. Morales presented the measure as the third and final nationalization, following those carried out in 1937 against Standard Oil and in 1969 against Gulf Oil, both American firms. “It was a kind of shock for the sector, the way they came in with a military takeover. It was highly symbolic,” recalled Carlos Delius, former president of the Bolivian Hydrocarbons Chamber, who was a director at the time and later led the institution between 2010 and 2014. “Then came the ‘Héroes del Chaco’ decree, and together with Law 3058 (Hydrocarbons Law, in force since 2005), it sealed the fate of the sector—shifting from a system with modern contracts to one that changed everything and became excessively state-controlled,” he added. The nationalization aimed to increase State revenues, which experienced a boom period, with annual peaks exceeding $5 billion in 2013 and 2014, before the decline began. According to Delius, the measure slowed new investments, as companies chose to remain due to already committed capital in wells and plants. However, faced with reduced revenues, they focused on recovering investments rather than taking risks, losing interest in exploration. “The success of nationalization—capturing revenue—ultimately became its own poison. It was unable to replenish gas reserves,” he noted. Some figures State revenues during the governments of Evo Morales and Luis Arce (2020–2025) totaled around $60 billion, according to Rodrigo Paz, who alleged mismanagement and corruption involving part of those funds, which were not directed toward strengthening the state oil company. For hydrocarbons analyst Fernando Rodríguez, the balance after two decades is critical. Current gas reserves are estimated at around 3.7 trillion cubic feet (TCF), compared to 10.7 TCF in 2017. Additionally, gas production declined from 60 million cubic meters in 2014 to 27 million in 2025, lower than the 35 million recorded in 2006, according to the Fundación Jubileo. “They have dismantled YPFB, production has fallen, there are no reserves, and fundamentally we have destroyed the golden goose, which is YPFB—a company that will celebrate its 90th anniversary this year,” he said. According to Rodríguez, private investments were around $1.2 billion annually, but after being “driven away,” YPFB took over operations and failed in 15 projects in which it invested $1.5 billion, “not only due to inefficiency, corruption, and lack of technical capacity, but also because of geological reality.” “There is no sea of gas, and if we are lucky, we will find one or two megafields,” he stated. These difficulties have led to increased dependence on imports. Currently, Bolivia imports 90% of the diesel and 50% of the gasoline it consumes, and according to official projections, by 2029 the country will become a net importer of natural gas. READ ORIGINAL ARTICLE HERE New President of Bolivia’s YPFB Warns the Country Is “On the Brink of an Energy Crisis” The interim president of the state-owned company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), Sebastián Daroca, warned that Bolivia is “on the brink of an energy crisis” and that, if current trends are not reversed, the country may need to import natural gas within four to five years. If that occurs, Bolivia would shift from being one of the region’s largest natural gas exporters to an importer in less than two decades. “The lack of investment in recent years has caused our reserves to decline systematically, our gas and liquids production to fall, and this is a trend we must reverse as a national priority,” Daroca explained in an interview

Colombia; Security in Colombia Hits Investment and Growth; Gustavo Petro–Daniel Noboa Dispute Escalates; Ecuador–Colombia Trade Talks Begin.

Friday, April 24, 2026. Colombia: Between Stability and Strain Last week, we focused on Ecuador, a country navigating internal security challenges under President Noboa. This week, we turn to Colombia, where the conversation becomes more complex, and far more consequential for the region. While open conflict between Ecuador and Colombia remains unlikely, the underlying tension between the two reflects something deeper. Political friction between President Daniel Noboa and President Gustavo Petro is not simply diplomatic, it highlights fundamentally different approaches to security, governance, and the management of transnational threats. At the same time, Colombia is entering a critical electoral cycle. With presidential elections scheduled for May 31, 2026, the country faces a highly fragmented political landscape with no clear front-runner. A runoff election is widely expected, reinforcing what many already understand: Colombia is not politically unified, instead it is navigating competing visions of its future. For those less familiar with Colombia’s system, it is worth noting that President Gustavo Petro is not a candidate in this election, not by choice, but by law. Under Colombia’s constitutional framework, presidents are limited to a single four-year term with no immediate re-election. As a result, this election is not about Petro as a candidate, but about the continuation (or rejection) of his policies through those seeking to succeed him. That distinction matters, because while Petro is not on the ballot, his presidency is. This uncertainty is unfolding against the backdrop of President Petro’s “Total Peace” strategy, an ambitious effort to negotiate with armed groups while reshaping Colombia’s long-standing security posture. While the initiative reflects a shift in doctrine, it has also introduced operational ambiguity. Dissident factions, the ELN, and organized criminal groups continue to operate across key regions, often exploiting gaps created during transitional phases of negotiation and enforcement. For those operating in or entering Colombia, this creates a paradox.  The country is not in crisis, but neither is it fully stable.  Its economic resilience, institutional framework, and attractiveness to foreign investment remain intact. Yet, security fragmentation, regulatory unpredictability, and electoral uncertainty introduce layers of risk that cannot be ignored. The takeaway is straightforward:  Colombia is not a “no-go” environment, but it is no longer a “set-and-forget” market. It is a country that demands attention, context, and informed decision-making. Brett Mikkelson Founder, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Government and the Ecuadorian–Colombian Chamber of Commerce Agreed to Establish a Working Group The trade situation between Ecuador and Colombia, resulting from the imposition of fees and tariffs by both countries, was analyzed by members of the Ecuadorian–Colombian Chamber of Commerce (CAMECOL) and the Minister of Production, Foreign Trade and Investments, Luis Alberto Jaramillo. According to the binational association, during the meeting—held Wednesday in Quito—the impact of the current tariff situation with Colombia was discussed with Minister Jaramillo. As a result, and according to a CAMECOL publication, a working group was agreed upon for technical follow-up. Additionally, the association emphasized the importance of maintaining security without affecting the strategic commercial relationship. Meanwhile, the Ministry reported that the dialogue focused on exploring opportunities for cooperation and identifying joint initiatives. Ecuador began on February 1 to impose a 30% security surcharge on products imported from Colombia; this increased to 50% as of March 1, and will rise to 100% starting May 1 due to the Colombian government’s lack of implementation of control measures at the northern border. For its part, Colombia imposed a 30% tariff on 73 subcategories of Ecuadorian products starting February 24. However, on February 27, it indicated it was considering increasing the tariff to 50% not only for those subcategories but also for additional products, though that proposal was not finalized. It has now announced that starting May 1, tariffs will increase to 35%, 50%, and 75%. The new draft proposal includes 204 tariff subcategories subject to this three-tier structure. The 75% tariff will apply to the majority—151 subcategories; the 50% tariff to 24 subcategories; and the 35% tariff to 29. Among the main affected products are shrimp, fish, beans, bananas, plantains, rice, palm oil, and cocoa. Last Tuesday, Colombia’s Minister of Commerce, Industry and Tourism, Diana Morales, indicated that the decree would be signed this week. “It has already passed the Triple A Committee—customs, tariff, and foreign trade matters—it is currently under review, and it is possible that tomorrow it will be finalized, comments and observations reviewed, and then proceed to signing,” the minister told Colombian media. Meanwhile, prior to the meeting between CAMECOL and Minister Jaramillo, in an interview with Ecuavisa, Freddy Cevallos, president of CAMECOL, stated they would request temporary compensation measures from the national government following the impact caused by tariff increases amid the trade dispute with Colombia. Key requests included tax deferrals and support for working capital costs. “We do not want to go against the government’s position; in fact, we respect the president’s argument and background regarding insecurity. We also understand that trade cannot coexist with insecurity; we cannot expand markets if we have to pay extortion fees just to enter a new market or to carry out collections,” Cevallos stated. READ ORIGINAL ARTICLE HERE Security in Colombia Slows Investment and Growth: The Structural Challenge Facing the Economy Security in Colombia has evolved from a temporary issue into a structural constraint on economic development. Rising criminality not only affects public order but directly undermines the country’s competitiveness by increasing business operating costs, distorting markets, and discouraging investment—particularly in the most productive regions. According to recent economic analyses by Corficolombiana, this deterioration has become one of the main factors limiting economic growth. The country faces a more diversified criminal ecosystem, operating with its own economic logic and competing unevenly with the formal sector. In the global context, Colombia ranks among the countries with the highest levels of criminality. It holds second place in the Organized Crime Index, behind Myanmar, and is within the top 10 in terrorism, reaching its worst position since 2013 in 2025. These indicators reflect not only the persistence

Ecuador; Early Elections Shake the Country; Tensions with Colombia Could Be Resolved; Energy Investment by PowerChina Boosts the Nation.

Friday, April 17, 2026. Ecuador – Fond Memories I first stepped onto Ecuadorian soil in 1991. It was my first mission as a Strategic Debriefer outside of Panama, and as a 21-year-old Army interrogator, I couldn’t have been more eager. I was accompanied by our analyst, Jorge Luis Miño, who had been born in Ecuador but joined the Army after his family moved to the United States some 15 years earlier. From the beginning, Ecuador left an impression. I was fascinated by the food like potato soup with pellets of dried blood, cuy, and a curious emphasis on juice made from tree tomatoes. Quito itself was an experience. The altitude hit me harder than expected; I still remember the ride up the elevator at the Oro Verde, feeling as though I might pass out before reaching my room. A casual attempt to play soccer with locals quickly turned into a lesson in humility, and survival, forcing me into the safer role of goalkeeper. Even something as simple as diving into a swimming pool felt different… the moment my head went under, the sensation was closer to drowning than swimming. Shovelling a foot of ash from the roofs after a Pichincha eruption, visiting the Mitad del Mundo or simply the “middle of the earth”, the birds of Mindo, trout fishing in Cuenca, and galavanting the entire coastline from Esmeraldas all the way down to Guayaquil.  There really hasn’t been anything quite like the environmental diversity of Ecuador. Over the past three decades, I’ve had the privilege of traveling extensively throughout Ecuador, visiting its major cities and regions. I witnessed firsthand the country’s transition from the sucre to the U.S. dollar between January and September of 2000. Back in the early 1990s, the exchange rate hovered around 2,000 sucres to the dollar, and that same 2,000 sucres could buy you a full breakfast of eggs, sausages, toast, coffee, and juice. One rule, however, was always clear: no ice. Never drink the water, and never trust the ice. More importantly, Ecuador became more than just a place I worked. Over time, I was welcomed into a family that I still consider my own. I’ve had the honor of serving as a godfather at a wedding and to one of the sons, and I continue to look forward to visiting “mom” whenever the opportunity arises. Brett Mikkelson Founder, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Early Elections in Ecuador Shake the Political Landscape and Squeeze the Opposition The decision by the National Electoral Council (CNE) to bring forward local elections to this coming November — instead of February 2027 — has forced political parties into a race against time to define candidates, organize primaries, and navigate legal requirements. This scenario particularly affects Revolución Ciudadana, the movement of former president Rafael Correa, which is currently serving a nine-month suspension stemming from a prosecutorial investigation into alleged money laundering involving several of its members. The CNE justified the early elections based on a report warning of the potential impact of the El Niño phenomenon during the first months of next year. At stake are 222 mayoralties, 24 prefectures, five members of the controversial Council for Citizen Participation and Social Control — responsible for appointing key state authorities — and possibly a national referendum. The decision has raised alarms within Revolución Ciudadana, the main opposition force. The party was suspended for nine months by the Electoral Disputes Tribunal following a request from the prosecutor investigating alleged money laundering involving several of its members. While case details remain confidential, the sanction has a notable timing element: it will be lifted just after the early elections conclude. However, legal obstacles go beyond party status. Its most prominent figures, many seeking reelection, face a critical judicial landscape: Aquiles Álvarez, mayor of Guayaquil, is under three investigations and currently in pretrial detention in a maximum-security prison; meanwhile, the mayors of Quito and Cuenca, along with the prefect of Pichincha, are operating within a narrow margin between their electoral ambitions and potential disqualifying sanctions. Internally, the movement remains silent. No one is publicly identifying potential candidates or the parties they might align with to secure a place on the ballot. “Because they could go after them and block more political movements,” admits a party member. The early elections, combined with the temporary ban on the main opposition party, have transformed the race into a marketplace of political labels where ideology has become secondary. A striking example is Lucio Gutiérrez — who led the 2000 coup and governed for two years with Sociedad Patriótica — who has opened his party to candidates from the correísmo. “It’s time to turn the page. We are ready to talk,” he announced on social media. For analyst Esteban Ron, this phenomenon confirms that parties have devolved into mere electoral vehicles lacking doctrine. “Out of 17 national organizations, 13 are on a yellow card; they need to reach the voting threshold just to avoid disappearing,” he notes. Along the same lines, political scientist Pamela León uses a contemporary analogy: “Political parties have become like Airbnb — more rentable than representative. They meet the signature requirements, but their vote share does not reflect a real support base.” Currently, there are 231 organizations approved by the CNE, although their presence on the final ballot still depends on electoral council review. In contrast, Pachakutik — the political arm of the indigenous movement — is attempting to capitalize on the electoral environment by leveraging its territorial reach: 53 organizations and more than 10,000 communities. However, internal disputes threaten its cohesion. “Some prioritize individual prominence over the collective,” warns Apawki Castro, a member of the movement. This lack of unity has been reflected in the National Assembly, where the party has failed to ensure unified voting among its legislators on core principles such as water protection and opposition to mining. By aligning with the government on key issues, several lawmakers were ultimately expelled from the movement, weakening

Peru; Worst Political Offering in Decades”; “Economy Withstands Political Chaos”; “U.S. and China Compete on Peru’s Coast.

Friday, April 10, 2026. Peru As we’ve reported recently, Peru is heading into elections on April 12, with a most certain runoff in June.  It’s a country worth paying attention to right now, not because of who’s likely to win, but because of the environment going into it. The field is highly fragmented, with no clear frontrunner and no indication that whoever emerges will have strong political backing. That matters, because in Peru the issue isn’t just the election, it’s governability. The country has already gone through multiple leadership changes in recent years, and a divided outcome increases the likelihood of continued tension between the presidency and congress. In that kind of setting, decisions slow down, policies shift, and execution becomes less predictable. For companies operating in or looking at Peru, the exposure is not tied to the result itself, but to the level of uncertainty surrounding it. Peru remains a key market in sectors like mining, energy, and infrastructure, but the gap between what exists on paper and how things function in practice tends to widen in periods like this. Here’s what’s worth paying attention to as we head into the weekend elections. Brett Mikkelson Founder, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Alberto Vergara: “In the Peruvian Elections, the Most Serious Problems Coincide with the Worst Political Offering in Decades” The first round of the Peruvian elections is just around the corner. Citizens will choose their next president—along with representatives to Congress and the Andean Parliament—amid a maze of 35 options and a ballot larger than a family-sized pizza box. Political scientist Alberto Vergara (Lima, 1974), a professor at the University of the Pacific who lives between Montevideo and Lima, shares his views on a contest that, in his opinion, will not represent “a turning point but rather another stop along the trajectory of the cycle of instability in which Peru has long been immersed.” Question. Every election promises a better country. With what mix of emotions will Peruvians vote this Sunday? Answer. What defines this election is the gap between the most serious problems in decades and the worst political offering, also in decades. Unfortunately, these elections offer very few opportunities to alter the trajectory of political instability and institutional decay that prevails in Peru. For that reason, there are no candidates who generate enthusiasm, nor programmatically solid platforms. The prevailing mood fluctuates between apathy and resignation. Q. Will the cycle of chronic instability that has led Peru to have eight presidents in a decade be broken? A. I find that unlikely. The flaws that produced that instability are present in the parties and candidates with the greatest chances. At the same time, most new organizations replicate the same short-term and predatory logic that brought us here. Peruvian politics is riding without a jockey; there are no longer heavyweight actors, institutions barely restrain politicians, and the system’s legitimacy is at rock bottom. These elections reproduce all of that. Expecting a different outcome is naïve. I’ll reuse an expression I used years ago in another context: this is a system of alternation without an alternative. Q. How do you explain that a citizen must choose among 35 presidential options? A. Political organizations in Congress deliberately worked to deepen the flaws of Peru’s political system, such as facilitating the creation of “parties” or eliminating any mechanisms that prevent fragmentation (like primaries). We knew that if the rules of representation were not changed, dispersion and mediocrity would worsen—and that is exactly what happened. In 2021 there were 17 candidacies, and over the past five years the decision was made to maintain rules that foster dispersion and the resulting instability. One only has to look at how embarrassing the presidential debates have been—a mix of amateurism, stupidity, and disorganization. Thirty-five weak candidates are the very logical continuation of eight weak presidents in ten years. Q. Although uncertainty surrounds the process, once again Keiko Fujimori appears as the frontrunner. Why do the last four elections seem to come down to who will face her in the runoff? A. That is another major incentive for fragmentation. Since it is known that Keiko Fujimori is strong enough to reach the runoff but also widely disliked enough to lose it, all candidates hope to face her in that stage, which fuels fragmentation. And that outcome will probably repeat for the fourth time. Q. Everything suggests that the candidate with the greatest momentum is comedian Carlos Álvarez, who in the 1990s hosted rallies for Alberto Fujimori. A. In reality, there is a pack of four or five candidates with a chance of reaching the runoff. I don’t see anyone as a clear favorite. Peruvian elections never fail to deliver last-minute surges. That said, it is true that comedian Carlos Álvarez gained traction at the right moment, amid very poor debate performances. Q. In the south, there appears to be a vote of retaliation from those who were labeled ignorant for supporting Pedro Castillo and who believe that, beyond the coup attempt, he was never allowed to govern. A. Yes, the south has a historically tense relationship with central power, particularly with Lima. To that historical condition we must add that the Peruvian right sought to derail the elections that Castillo had legitimately won with southern votes, and on top of that, the massacre of dozens of citizens in the south during the government of Dina Boluarte. It is natural that this sense of retaliation exists. Q. Have the conditions worsened for Congress to continue governing the country? A. Over the past five years, the constitutional design has tilted in favor of Congress. And it will not be easy to dissolve it. To begin with, a Senate has been reintroduced that cannot be dissolved. In any case, the problem lies more in the practices and incentives already adopted by those who enter politics than in the formal rules of the system. Q. As you recently said, it is necessary to deeply

Changing with the Times; Fuel Prices Rise in Panama; Artemis II Reaches Earth Orbit; FAP Earns $146 Million.

Friday, April 3, 2026. Changing with the Times There’s a quiet truth that many individuals, and even more companies, learn too late: the world does not slow down for those unwilling to evolve. Change is no longer something that happens every few years. It is constant, accelerating, and often unforgiving. Entire industries are reshaped in months, not decades. And those who wait to adapt until change becomes obvious often find themselves reacting… instead of leading. At BM Investigations, we’ve spent years helping others uncover truth, manage risk, and navigate uncertainty. But today, we recognize something deeper… investigation alone is no longer enough. The challenges facing businesses and individuals are no longer isolated incidents. They are interconnected, influenced by shifting geopolitical tensions, economic volatility, technological disruption, and evolving social dynamics. To operate effectively in this environment requires more than answers, it requires perspective. That is why we are evolving. We are expanding beyond traditional investigative services and moving toward a broader role, one that integrates intelligence, risk advisory, and strategic insight across a global landscape. Our focus is not just on what has happened, but on what is coming and how to prepare for it. Because in a world that refuses to stand still, neither can we. And those who choose to evolve early… are the ones who shape what comes next. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #7 – The Case of The Antenna Affair. TOP NEWS and TIDBITS: Fuel Prices in Panama Will Increase Starting This Friday: These Are the New Prices The National Secretariat of Energy confirmed a new increase in the maximum retail prices of fuels in Panama. The new rates will take effect starting at 6:00 a.m. this Friday, April 3, and will remain in force until April 17, 2026. Breakdown of the increase per liter Fuel prices per liter and per gallon 95-octane gasoline 91-octane gasoline Diesel READ ORIGINAL ARTICLE HERE Panama Government Sets Fuel Prices for Transportation and Artisanal Fishing The Cabinet Council approved Resolution No. 24-26, authorizing the Ministry of Economy and Finance (MEF) to implement measures to temporarily stabilize fuel prices for public passenger transportation, cargo transport, agricultural machinery, and artisanal fishing. The measure sets the price of 91-octane gasoline at US$3.33 per gallon (US$0.88 per liter) and low-sulfur diesel at US$3.41 per gallon (US$0.90 per liter). It will remain in effect for up to 10 months, subject to market conditions, with a cap of up to US$150 million. The subsidy will apply to collective, selective, school, and tourism transport services, as well as to the cargo fleet and activities linked to the agricultural and artisanal fishing sectors. The Minister of Economy and Finance, Felipe Chapman, stated that this is a temporary measure in response to rising international oil prices, which directly impact the cost of living in the country. He added that the program will involve an additional allocation of state resources without affecting investment spending. Implementation will be overseen by the MEF and the Office of the Comptroller General of the Republic, in coordination with entities such as the Ministry of Government, the Land Transit and Transportation Authority, the Ministry of Agricultural Development, the Aquatic Resources Authority of Panama, and the National Authority for Government Innovation. The government also noted that other support measures remain in place, such as subsidies for the Metro and Metrobús, as well as initiatives related to electricity rates and cooking gas. The decision responds to the sustained increase in international fuel prices and their impact on transportation, logistics, and productive activities nationwide. READ ORIGINAL ARTICLE HERE Artemis II Crew Reaches Earth Orbit The crew of NASA’s Artemis II mission reached Earth orbit on Wednesday, a U.S. space agency official announced shortly after the rocket’s liftoff. Eight minutes after launch, the Orion capsule separated as planned from the massive SLS rocket tanks, which propelled it into space and placed it into Earth orbit. The four astronauts will now remain in orbit around Earth to conduct a series of tests before heading toward the Moon on Thursday, located more than 384,000 kilometers from Earth. The approximately 10-day journey will mark the first crewed flight around Earth’s natural satellite in more than 50 years. Three men and one woman are set to embark this Wednesday on the first crewed mission to the Moon since 1972— a historic odyssey aimed at propelling the United States into a new era of space exploration. NASA’s Artemis II mission has been years in the making, with repeated setbacks. However, it is finally scheduled to launch from Florida this Wednesday, April 1 at 6:24 p.m. local time (22:24 GMT). The astronaut team, made up of Americans Reid Wiseman, Victor Glover, and Christina Koch, along with Canadian Jeremy Hansen, is expected to remain on the mission for about 10 days. The spacecraft will travel at high speed around Earth’s natural satellite without landing, in a mission similar to Apollo 8 in 1968. The journey will mark several milestones. It is the first time that a woman, a Black man, and a non-U.S. citizen are part of a lunar mission. It is also the first crewed flight of NASA’s new lunar rocket, known as the SLS. The massive orange-and-white rocket is designed to enable the United States to return to the Moon on a recurring basis in the coming years. The long-term objective is to establish a permanent base that will serve as a platform for deeper exploration. READ ORIGINAL ARTICLE HERE Panama Savings Fund Earned $146 Million, Surpassing Last Year’s Figures The Panama Savings Fund (FAP) reported that it closed 2025 with audited financial results showing a return of 9.08% before costs, exceeding the 7.12% recorded in 2024. In terms of net earnings, the Fund generated US$146.8 million, compared to US$94.1 million the previous year, while its net assets reached US$3,084.8 million at the end of 2025. Performance was driven by strategic asset allocation and market conditions, with a portfolio that

Understanding Patience; Cobre Panamá and Mining Role; Fuel Relief for Transport Operators; Possible Arrival of El Niño

Friday, March 27, 2026. Understanding Patience This week, I found myself reflecting on patience, not as a concept, but as a test. It’s easy to believe we are patient people. In calm moments, we all are. But patience doesn’t reveal itself in comfort; it shows up when we’re pressed, when we’re late, when traffic won’t move, when someone in front of us slows us down and we feel that quiet irritation begin to rise. The other evening, I witnessed that moment in a different setting. Someone was making an honest effort to speak, to contribute, to be part of something meaningful. It wasn’t perfect. It took time. And you could feel the room begin to tighten with impatience. I’ve been there before, on both sides of it. But this time, something changed. Instead of focusing on the delay, I focused on the effort. On the fact that this person stood up and tried. And in that shift, the frustration dissolved. In its place came something far more useful… understanding… and a quiet respect. What struck me most was that this wasn’t just a thought, it was physical. I could actually feel the change within me. A reminder that patience is not passive; it is a discipline. It is a decision made in real time, often against our instincts. The Stoics speak of control and of recognizing what is within our power and what is not. We cannot control how fast someone speaks, how traffic moves, or how others perform under pressure. But we can control how we respond. And in that space, patience becomes more than tolerance, it becomes character. Because the truth is simple… every one of us will, at some point, be the person who is struggling, the one taking too long, the one hoping others will give us a little grace. And maybe that’s the real lesson. Patience is not about waiting, it’s about understanding. It’s about choosing, in small moments, to be the kind of person we ourselves would hope to encounter when we are not at our best. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #6 – The Case of The Silent Partner. TOP NEWS and TIDBITS: Fuel in Panama: Government Evaluates Relief Program for Transport Operators The Government of Panama is evaluating the implementation of an economic relief program aimed at the transportation sector, with the goal of preventing rising fuel prices from directly impacting consumers’ pockets. This was confirmed by the Minister of Economy and Finance, Felipe Chapman, who explained that the measure seeks to maintain current fare rates. Covering fuel increases, not freezing pricesChapman emphasized the focus of the plan: “This is not about freezing prices, it is about covering the increase.” The program would be designed to offset rising fuel costs without passing that burden on to end users. To implement the program, the government requires transport operators to provide detailed information, including: This data will allow authorities to assess the real impact and determine the level of financial support needed. Objective: maintain faresThe Executive Branch aims to ensure: “We are talking about a relief program to ensure that fares do not increase nationwide,” the minister reiterated. The plan is still under review and will depend on the technical information provided by the transportation sector for its implementation. READ ORIGINAL ARTICLE HERE Icaza Rules Out Risks from Arrival of U.S. Aircraft Carrier in Panama and Says It Will Not Transit the Canal The Minister for Canal Affairs, José Ramón Icaza, stated that the arrival of a U.S. aircraft carrier and a destroyer in Panamanian waters does not represent any risk to the country, amid concerns related to the international context. According to Icaza, the presence of these vessels is part of a routine voyage within a broader regional itinerary prior to their deployment.“There is nothing to worry about. This is part of a normal journey, like any other naval group that passes through our country,” he said. The minister explained that the ships will not transit the Panama Canal due to their size and will instead continue their route toward South America, making stops in various countries before returning to the United States after passing through the Strait of Magellan. Icaza indicated that the vessel is expected to remain in waters near Panama until April 1, after which it will continue its regional itinerary. International context and message of reassuranceIn response to concerns about the presence of such vessels at a time when the United States is involved in conflicts in the Middle East, the official reiterated that there is no cause for alarm for the Panamanian population.“There is nothing to worry about with this voyage,” he insisted, emphasizing that such movements are routine within international naval operations. Defense of national interestsOn another matter, Icaza addressed the State’s strategy regarding legal proceedings involving Panama Ports Company, stating that Panama is prepared to defend its interests.“Panama is preparing to defend the country’s interests, and we will do so in accordance with what is established in the arbitration process,” he said. The minister added that the government will respect the ongoing legal mechanisms, while the company involved also exercises its right to submit any legal actions it deems appropriate. READ ORIGINAL ARTICLE HERE Hoteliers Reject $10 Fee for Transit Passengers at Tocumen: “It Will Affect Tourism” Panama’s hotel sector has expressed its rejection of a legislative proposal that seeks to impose a $10 fee on connecting passengers at Tocumen International Airport, the region’s main air hub. The initiative is being promoted by substitute deputy Benicio Robinson González of the Democratic Revolutionary Party. $10 fee for passengers at Tocumen Airport rejectedThe Panamanian Hotel Association warned that the measure could affect the country’s competitiveness compared to other regional connection hubs such as: According to the association, more than 60% of passengers at Tocumen are in transit, so any increase in costs could influence airline decisions. Risk to the air hubThe airport handled more

6 years of fun; Panama’s economy grew 4.4% in 2025, driven by transport, trade, and services; cyberattacks on Panama’s banking system generate multi-million losses and raise alarms; Chamber of Commerce reaffirms its role as a regional business hub

Friday, March 20, 2026. 6 Years of Fun. Over the past few weeks, you may have noticed something new in our Friday morning newsletter. For nearly six years now, since March 2020, this newsletter has remained a constant. What began as a daily effort to keep our Expat community informed eventually evolved into the weekly format you receive today. The mission, however, has never changed: to provide relevant, timely insights into the events and issues in Panama that may impact you, your business, and your environment. That said, I felt it was time to add a bit of a human touch… and perhaps a little fun. Thanks to the capabilities of AI (and a bit of creativity), we’ve started including a weekly cartoon. It’s a small addition, but one intended to bring a different perspective, sometimes lighthearted, sometimes thought-provoking, while still aligned with the themes we cover. I hope you’ve enjoyed it so far. As always, your feedback is incredibly valuable. Let me know what you like, what you’d like to see more of, or any suggestions you feel would improve the newsletter moving forward. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #5 – The Case of The Mango Market Incident , featured at the end of this article.   TOP NEWS and TIDBITS: Panama Sees New Increase in Gasoline Prices This Friday Fuel prices will see a significant increase starting this Friday, March 20, according to the latest update from Panama’s National Energy Secretariat. These new prices will remain in effect until April 3, 2026. Fuel Prices in Panama Panama City and Colón 95 octane: 1.144 91 octane: 1.065 Diesel: 1.210 Arraiján and La Chorrera 95 octane: 1.147 91 octane: 1.067 Diesel: 1.213 Penonomé, Aguadulce, and Divisa 95 octane: 1.152 91 octane: 1.073 Diesel: 1.218 Las Tablas 95 octane: 1.160 91 octane: 1.080 Diesel: 1.226 Boquete and border areas 95 octane: 1.168 91 octane: 1.088 Diesel: 1.234 Volcán 95 octane: 1.170 91 octane: 1.091 Diesel: 1.236 Changuinola 95 octane: 1.194 91 octane: 1.115 Diesel: 1.260 READ THE ORIGINAL ARTICLE HERE   UNPAC Promotes Female Leadership in Aviation in Panama The Panamanian Union of Commercial Aviators celebrated a special event dedicated to promoting female leadership in aviation in 2026, highlighting leadership, health, and personal growth through workshops and inspiring testimonies. The Panamanian Union of Commercial Aviators (UNPAC) held the third edition of the “Empowered Women in Aviation Gathering” in 2026, International Women’s Day, with the aim of showcasing the talent, strength, and leadership of women within the industry. Captain Sonia Ortega, first female airline commander in Panama The event brought together professional women, students, and key figures from the aviation sector in a space designed for sharing experiences, learning, and inspiration. The program included talks, a literary presentation, practical activities, and moments of reflection focused on leadership, health, and personal development. Captain Ilma Velázquez, Secretary General of UNPAC During the event, Captain Ilma Velázquez emphasized the transformative role of women in aviation, recalling that “there was a time when women were told the sky was not a place for them. However, there were women who chose to ignore that limit. Women like us. Women like Amelia Earhart, Bessie Coleman, Jacqueline Cochran, Sonia Ortega, who joined us here. They set their sights upward and proved something extraordinary.” She added that today’s reality shows that “the sky belongs to no one.” She also stressed that “when a woman advances in aviation, the entire industry advances,” highlighting women’s active participation across all areas, including piloting, maintenance, operations, safety, and air traffic control, contributing to the sector’s progress and diversity. Magíster Falianis Eliska Murray The panel also featured Magíster Falianis Eliska Murray, a graduate in Tourism Business Administration with master’s degrees in Neuroscience and Public Speaking, former Top 5 finalist in Miss World Panama 2010, and former cabin crew member. Murray shared her nine years of experience in aviation, emphasizing that “success is discipline when there is no motivation, patience when there is no answer, and faith when there is no certainty.” She also encouraged attendees to recognize the value of their voice: “a woman who discovers her voice also discovers her power.” Her presentation focused on practical communication and leadership tools, highlighting the importance of clarity, consistency, and self-confidence. Mausi Cortez, Copa Airlines pilot During the literary segment, pilot Mausi Cortez presented an inspiring initiative: a children’s story created from her experience as a mother to help children understand the temporary absence of parents due to work. Inspired by her daughter’s recurring phrase, “I don’t want you to go,” the book aims to serve as an emotional tool for families facing similar situations, while also offering practical guidance. This project, rooted in real-life experiences and exchanges with other aviation professionals, reflects both professional commitment and the deep emotional bond between parents and children. Dr. Moisés Cukier, surgical oncologist Dr. Moisés Cukier, head of the Surgery Department at Pacífica Salud Hospital, provided a clear explanation on the importance of women’s health, particularly breast cancer, emphasizing prevention and early detection. He noted that the disease affects 1 in 8 women worldwide, according to global data supported by the World Health Organization. He also clarified that exams such as mammograms and ultrasounds detect but do not prevent the disease and do not replace medical consultations. He highlighted the role of genetics, referencing the case of Angelina Jolie, and concluded that education, regular medical check-ups, and healthy habits are key. Self-defense workshop A self-defense workshop was also conducted, featuring practical exercises aimed at strengthening safety, confidence, and the ability to respond effectively, including techniques to escape common holds. Yoga Nidra, “Relax Your Mind” To close the event, a facilitator guided a Yoga Nidra session titled “Relax Your Mind.” Stephany Castillo and María Milagros Ortega, ALAS students María Milagros Ortega and Stephany Castillo, students from the Latin American Academy of Higher Aviation (ALAS), highlighted the impact of the event. Ortega expressed that “a sense of unity was

The Sacred Bond; Panama Canal Reservoirs Reach Historic Levels; Rising Oil Prices Increase Strategic Value of the Interoceanic Route; Panama and Chile Strengthen Business Cooperation.

Friday, March 13, 2026. The Sacred Bond Last weekend, someone very dear to the BM Investigations family took one of the most meaningful and transformative steps in life. Yolanda Atencio—whose dedication, organization, and quiet discipline help bring order and clarity to our work each week, including the very bulletin you are reading—entered into marriage with Exiel Santos. Throughout life we pursue many things: achievements, recognition, possessions, and ambitions that at the time seem urgent. Yet with the passage of time, we come to realize that the most important structures we build are not made of titles or material accomplishments, but of relationships—bonds that give direction, stability, and purpose to our lives. Marriage is one of those exceptional bonds. In its deepest sense, marriage is not simply the union of two people through affection, but the conscious decision to intertwine two lives along the same path. It is accepting that the future—whatever it may hold—will no longer be faced alone. It is the quiet promise that joys will be shared, burdens will be carried together, and that two people united can become stronger than either could ever be alone. Such a commitment demands more than love; it demands character. It requires patience when circumstances test us, humility when pride could divide us, and loyalty when the world encourages us to think only of ourselves. In this sense, marriage is not only a celebration of the present, but also an act of faith in the future. Those of us who know Yolanda understand well the virtues she brings to this sacred union: integrity, loyalty, human warmth, and a deep sense of responsibility toward those around her. These are no small virtues. They are the true foundations upon which strong families and lasting homes are built. For this reason, as Yolanda begins this new chapter of her life alongside her husband Exiel, we pause not only to congratulate her, but also to recognize something deeper: the birth of a new alliance, a shared destiny, and a home that will be built day by day through commitment, respect, and love. Yolanda, for some time now you have been an essential part of the spirit and rhythm of this organization. For that reason, we dedicate this edition to you and to the new life you have begun. May the years ahead strengthen the bond you have formed, may your home be filled with joy and peace, and may the path you now walk together be long, meaningful, and full of purpose. Congratulations to you both. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #4 – The Case of The Couch Conspiracy , featured at the end of this article. TOP NEWS and TIDBITS: Panama Canal Reservoirs Reach Historic Water Levels The Panama Canal Authority reported that the reservoirs supplying the Panama Canal have reached historic levels for the month of March, ensuring stable operations for the interoceanic waterway that carries between 5% and 6% of global maritime trade. The start of 2026 has been positive from a hydrological perspective. High water levels in Gatun Lake and Alajuela Lake—the two main reservoirs feeding the canal—have strengthened the system, according to Ayax Murillo, Hydrology Manager at the Panama Canal Authority, in an interview with the newspaper La Prensa. “For the first time in recorded history, the water levels of Gatun and Alajuela reservoirs for the month of March are the highest ever registered in the hydrological history of the Panama Canal (…) Our water reserves are sufficiently robust to face the remainder of the 2026 dry season,” Murillo explained. In terms of capacity, the Alajuela reservoir is operating at approximately 99% of its capacity, while Gatun exceeds 90%. These levels allow the canal to operate without restrictions and maintain the maximum permitted draft for vessels. As of Monday, March 9, Gatun Lake recorded a water level of 88.32 feet (26.92 meters), close to its operational maximum of 88.93 feet (27.10 meters). Meanwhile, Alajuela Lake stood at 251.52 feet (76.66 meters), near its maximum operational level of 252 feet (76.81 meters). Due to the recent rise in water levels, the canal has conducted several controlled water releases at the Gatun and Madden dams in November and again in February. Currently, traffic through the Panama Canal averages between 38 and 40 vessel transits per day through the lock system. Murillo also noted that February 2026 was the wettest February recorded in the canal’s more than 132 years of hydrological records, due to unusual rainfall in the watershed. Water Consumption for Canal Operations The canal’s operation depends on enormous volumes of freshwater. Each Panamax-type vessel that crosses the waterway uses approximately 200 million liters of water, released from the reservoirs during the lockage process. With roughly 40 daily transits, the canal uses around 10 billion liters of water per day to move ships between the Atlantic and Pacific oceans. Additional pressures also affect the water supply. Evaporation from the lakes can result in losses of 1.5 to 2 cubic hectometers per day, equivalent to roughly 2 billion liters of water daily, especially during the dry season when solar radiation and winds intensify. Water Supply for the Population Beyond maritime transit, the canal’s reservoirs also supply drinking water to a large portion of the country. Between eight and nine water treatment plants currently draw raw water from Gatun and Alajuela lakes. New facilities are also planned, which will increase demand for freshwater resources. For that reason, authorities emphasize the importance of developing a new reservoir through the proposed Rio Indio dam project. Potential Threat Beginning in May Despite the current abundance of water, the canal continues implementing conservation measures while closely monitoring climate conditions. Since December 2025, the canal has applied operational strategies that save more than one billion liters of water per day at the locks, preparing for the possible development of the climate phenomenon El Niño during the second half of 2026, which could bring drier conditions to