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

When Restraint Gives Way to Confrontation; Fuel Prices Rise in Panama; South American Banks Eye Entry into Panama; Panamanians Detained in Cuba.

Friday, March 6, 2026. When Restraint Gives Way to Confrontation For centuries, war began with a declaration. Governments formally announced that diplomacy had failed and that armed conflict had begun. Such declarations carried weight, not only politically, but morally, because they signaled to citizens and to the world that a line had been crossed and that the consequences would be profound. Today, those declarations have almost disappeared, even though the fighting itself has not. Missiles still cross borders, soldiers still deploy, and states continue to confront one another through force. What has changed is the language surrounding these events. In the international system shaped after World War II, the United Nations Charter attempted to place firm limits on the use of force between nations. In doing so, it helped create a world in which war itself became politically and legally taboo. The result has been a curious feature of modern geopolitics: conflicts that everyone recognizes, yet few governments are willing to describe with the word war. Instead, we hear of operations, strikes, interventions, and security actions. The vocabulary has softened, but the underlying realities of power, security, and survival remain very much the same. For those trying to understand events through careful observation rather than slogans, it is useful to step back from the language and look instead at patterns. History consistently shows that while diplomacy and restraint are always preferable, there are moments when persistent threats, coercion, or violence accumulate to a point where they can no longer be ignored. At those moments, the question is no longer whether conflict is desirable, almost no one truly desires it, but whether continued inaction carries greater danger than the act of confronting the threat itself. This tension between principle and necessity has existed for as long as human societies have organized themselves into states. Civilizations aspire to peace, stability, and law. Yet they must also contend with actors who exploit hesitation, ambiguity, or weakness as instruments of power. When that occurs, history often reveals a difficult truth: ignoring aggression rarely makes it disappear; more often, it encourages it. Understanding modern conflict therefore requires more than debating terminology or political narratives. It requires recognizing the deeper dynamics at work in the name of fear, deterrence, ideology, and the perennial struggle between order and those willing to disrupt it through force. Only by examining these dynamics honestly can observers begin to understand why certain moments arise in history when restraint gives way to confrontation, and why those moments, uncomfortable as they may be, often reshape the course of events that follow. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #3 – The Case of the Vanishing Banana Bread, featured at the end of this article. TOP NEWS and TIDBITS: Panamanian Female Leadership Shines at PDAC 2026 and Projects a New Image for Mining Two Panamanian women were recognized for their leadership and professional trajectory on the most influential stage of the global mining industry, projecting Panama’s presence in one of the sector’s most relevant international forums. The recognition took place in Toronto, Canada, during “Central America & The Caribbean Day,” organized by Women in Mining Central America & Caribbean (WIM CAMC) as part of PDAC 2026, the annual convention of the Prospectors & Developers Association of Canada, which gathered more than 25,000 participants from around the world this year. The event is widely considered the leading global platform for dialogue on mining investment, sustainability, and the future of the industry. In this context, Katherine Márquez, Construction and Projects Supervisor, received the Women of Gold Award 2025–2026, while Maru Gálvez, Public Relations Manager of Cobre Panamá, was recognized in the Rising Stars 2025–2026 category. Beyond the individual awards, the distinctions reflect a deeper transformation: the advancement of female leadership in an industry historically dominated by men. Katherine Márquez: Technical Leadership with Social Impact With 10 years of experience in the mining industry, Katherine Márquez has built a solid career in the technical field. She began her professional journey in construction, working directly on infrastructure projects, planning, and maintenance within demanding operational environments where precision, discipline, and leadership are essential. Over time, she assumed greater responsibilities, eventually leading teams and supervising high-impact initiatives within the operation. Her professional growth has been the result of perseverance, technical preparation, and the ability to coordinate field teams effectively. However, what distinguishes her leadership is not solely her technical performance. Beyond the operational environment, Márquez has taken on an active role as an ambassador for responsible mining and as a promoter of women’s empowerment within the sector. She has participated in community spaces, discussions, and accessible communication platforms — including podcasts and direct engagements with students and local leaders — where she explains, in a clear and approachable way, how the industry works from a technical perspective. Her presence in these spaces has had a multiplier effect. Young women who once viewed mining as a distant or inaccessible field have begun to take interest in technical careers, engineering, and project supervision. The “Women of Gold” recognition not only rewards her established career but also highlights her ability to inspire other women to enter, remain, and grow within the mining industry. Maru Gálvez: A Comprehensive Strategy of Communication and Community Engagement Meanwhile, Maru Gálvez was recognized as a Rising Star 2025–2026 for her strategic role as Public Relations Manager of Cobre Panamá. From this position, she leads a comprehensive strategy that integrates institutional communication, community relations, and the Cobre Conecta program — a platform designed to strengthen direct dialogue with communities, promote transparency, and generate economic opportunities. In a context of high public sensitivity toward mining, her work goes far beyond messaging. It involves coordinating multidisciplinary teams, aligning communication with concrete actions, and maintaining open channels with communities, media outlets, social leaders, and government authorities. During PDAC 2026, she participated in the panel “Narrative vs. Reality: What Really Changes the Social License in Mining?”, where she emphasized the importance of consistency between what

Stronger Together; Túnel del Toyo; Law 374 (sentence review); APM Terminals Balboa.

Friday, February 27, 2026. Stronger Together: The Untapped Power of the Expat Community I look around and see dozens of expat groups, thousands of people from every imaginable background. Americans, Canadians, Europeans, Asians, fellow Latinos, and yes… even a few Wisconsinites like me. We come from different cultures, political perspectives, professions, and life stories. Middle-of-the-roaders, idealists, hardliners, you name it. The diversity is real. What surprises me isn’t our differences. It’s how often we allow those differences to divide us. When we move abroad, we all step into unfamiliar territory. Different systems, different rules, different rhythms of life. That alone should be enough to remind us that we have more in common than we think. Yet too often, I see external political frustrations, old grudges, or ideological battles imported into spaces that could otherwise be constructive, supportive communities. The bigger picture we’re missing is this: by sheer numbers alone, expats represent influence. Knowledge. Experience. Resources. Networks. If we operated like a well-oiled machine, sharing information, helping newcomers, supporting businesses, guiding each other through bureaucracy, celebrating wins, and solving problems collectively, the impact would be enormous. Not just for ourselves, but for the communities we’ve chosen to call home. There is real potential here. The opportunity to build something more than a social group. We could foster a genuine brotherhood or sisterhood, one built not on uniformity of opinion, but on mutual respect and shared purpose. We all made the courageous decision to step beyond our comfort zones and build lives somewhere new. That alone binds us together.  Let’s not waste that bond. Instead of infighting, imagine alignment. Instead of suspicion, imagine mentorship. Instead of division, imagine strength in numbers. The power is already here. The question is whether we choose to use it. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #2 – The Case of the Madderdahdy, featured at the end of this article. TOP NEWS and TIDBITS: APM Terminals Resumes Container Reception at the Port of Balboa APM Terminals Panamá reported that the stabilization phase of operations at the Port of Balboa, on Panama’s Pacific coast, is progressing according to plan. The process aims to ensure operational continuity with minimal impact after the company assumed temporary management of the terminal. As part of the schedule, on February 24 the reception of export and empty containers via the gate resumed. Gate access remains open from 7:00 a.m. to 10:00 p.m. For the time being, import containers are not being released. The company indicated that all refrigerated containers carrying perishable goods remain connected to power and under constant monitoring to preserve the cold chain. APM Terminals also noted that personnel continue advancing in training on the new operating system to ensure a smooth transition in data and cargo management. Bianca Morán, from the Panamanian Association of Exporters and exporter at Ecotopía, explained that since yesterday several members have been unable to retrieve empty containers at the Port of Balboa, causing delays during peak fruit export season. “We have members who have all their empty containers reserved in Balboa and have not been able to collect them. The Port of Manzanillo has been very supportive, and we are moving cargo there, but not all routes depart from Colón,” she stated. Morán said they expect the situation to normalize within 48 hours and expressed confidence that APM Terminals can resolve the issue within that timeframe, although she warned that the sector had already been experiencing accumulated delays. She explained that retrieving “empties” refers to collecting containers without cargo that had already been reserved—particularly refrigerated units intended for exports such as pineapple or watermelon, which require confirmed vessel space and strict cold-chain maintenance. She also indicated that those needing to retrieve loaded containers have likewise been unable to do so. “The port operates 24/7 and the government does not,” she added, calling on public institutions to assign additional staff over the weekend to prevent further disruption to exporters. READ ORIGINAL ARTICLE HERE President of the Spanish Senate Expresses Support for Panama Regarding the European Union Tax List The President of the Spanish Senate, Pedro Rollán Ojeda, visited Panama’s Asamblea Nacional de Panamá this Tuesday, where he met with Panamanian lawmakers and addressed, among other issues, the country’s continued presence on the European Union’s list of tax havens. Rollán Ojeda was accompanied by Spanish senators who are part of the official delegation. During the meeting, matters of bilateral interest were discussed, including an invitation for Panama to participate in the upcoming Ibero-American Summit of Heads of State and Government to be held in Spain next November. They also discussed the interest of Spanish companies in investing in Panama and strengthening economic ties between the two countries. When asked about Panama’s continued inclusion on the European Union list and Spain’s 2023 decision to remove the country from its own list of tax havens, the Senate President stated that Spain had been on the right side of the issue and expressed confidence that Panama’s removal from the European list could materialize soon. “The enormous effort made by the Panamanian government to leave behind certain past tax treatments associated with transparency should not be overlooked. Spain is working and will continue working so that Panama is recognized as a full-fledged country with explicit acknowledgment of sharing the highest standards of transparency and taxation. I can assure you that sooner rather than later this will happen, and it will not only be the result of friendship, but of the work you are carrying out in your country,” he said. Later, Rollán Ojeda addressed the plenary session of the National Assembly, where he reiterated the importance of the Ibero-American meeting scheduled for November in Spain and expressed his hope that Panamanian lawmakers would be able to participate. Summons Fails Meanwhile, the plenary continued with its regular agenda. During the session, Congresswoman Yamireliz Chong, from the Vamos party, attempted to promote a summons for the administrator of the Autoridad

When Dragons Meet Confetti; Panama–Dubai Direct Route ; Canal Ports Negotiation ; $204M Public Debt Reduction.

Friday, February 20, 2026. When Dragons Meet Confetti This week in Panama, two very different worlds collided in the best possible way. Carnaval exploded across the country with its music, water, color, and contagious energy, while at the same time, Chinese New Year brought lanterns, dragons, family gatherings, and reflection into the spotlight. One celebration is loud and spontaneous, and the other is symbolic and deliberate, yet both speak to something deeply human: renewal. Carnaval is release. It’s the national exhale.  A collective moment where people step away from structure, pressure, and routine. It is part of our culture. It’s healthy to celebrate. It’s healthy to laugh. Chinese New Year, however, is about intention. It marks a reset. It invites us to think about prosperity, discipline, family, and the long arc of the future. And this year, both happened at once and there’s something powerful about that. Life is not meant to be lived in permanent restraint, nor is it meant to be spent in constant excess. The art is in balance. Celebration should be enjoyed, not wasted. Energy should be directed, not burned recklessly. In Panama, Carnaval can sometimes bring out the extremes. People blow off steam. Lines blur. Good judgment occasionally takes a holiday of its own. But leadership, whether in business, family, or community, doesn’t take a holiday. Enjoy the music, enjoy the traditions, enjoy the cultural richness that makes Panama unique… Just don’t lose yourself in it. If you celebrate, celebrate well, if you rest, rest intentionally, and if you reset, do it with purpose. When dragons dance and confetti falls in the same week, it’s a reminder that strength and joy are not opposites, they are partners.  And the most successful people know how to manage both. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama Comic Spotlight: Don’t miss The Mikkelson Files: #1 – The Case of the Missing Remote, featured at the end of this article. TOP NEWS and TIDBITS: The Public Ministry Processed More Than One Thousand Cases During Carnival Carnival festivities concluded this year with a total of 1,023 cases processed nationwide by the Public Ministry. According to the official report covering the period from February 14 to 17, authorities maintained continuous operations to address incidents reported during the four-day holiday. The highest concentration of complaints was recorded in the capital. The Metropolitan Prosecutor’s Office led the list with 215 cases, establishing it as the area with the greatest judicial activity. Meanwhile, the Family Section reported 54 new filings, and the Regional Prosecutor’s Office of San Miguelito handled 52 legal matters. Outside the capital city, judicial activity was also significant, particularly in provinces with the highest tourist influx: • Panama Oeste: 163 cases (the highest figure among the provinces).• Los Santos: 124 cases.• Chiriquí: 119 cases.• Coclé: 59 complaints. Other provinces such as Herrera (47), Colón (37), Veraguas (33), and Bocas del Toro (31) reported moderate figures, while the lowest numbers were recorded in Darién with 4 cases and the comarcas with a combined total of 5. Additionally, the Anti-Corruption Prosecutor’s Office reported the opening of one case file during this period. In the area of specialized crimes, drug prosecutor’s offices handled 83 proceedings. Procedural efficiency allowed 17 of these cases to result in immediate convictions, primarily related to aggravated possession and international drug trafficking offenses. Furthermore, regarding common crimes, 51 cases were brought before guarantee judges in various jurisdictions for the validation of arrests and the filing of formal charges. READ ORIGINAL ARTICLE HERE Ministerio de Economía y Finanzas Reports a $204 Million Reduction in Public Debt The Ministerio de Economía y Finanzas (MEF) reported that Panama executed a comprehensive liability management operation resulting in a net reduction of approximately $204 million in the outstanding public debt balance, as well as a structural decrease of around $30 million in annual interest expenses. The public tender offer received proposals totaling $8.9 billion, while the new bond issuance registered demand exceeding $13 billion. As part of the transaction, Panama accepted approximately $2.97 billion in outstanding bonds, prioritizing a structure designed to maximize the reduction of the debt balance and optimize the future maturity profile. The operation was financed through the issuance of new bonds maturing in 2034 and 2038, with coupons of 5.2% and 5.6%, respectively, incorporating amortization features that contribute to a more orderly and sustainable management of the State’s financial obligations. READ ORIGINAL ARTICLE HERE Panama Projects 3.1 Million Visitors in 2026 Driven by Meetings Tourism This economic momentum is further strengthened by the profile of meetings visitors, whose average daily spending stands at $455, a figure that distributes benefits across the entire tourism value chain. Under the global vision of becoming a benchmark destination for meetings tourism, Panama is implementing a strategy aimed at reaching a historic figure of 3.1 million visitors in 2026, according to estimates from Fondo de Promoción Turística (Promtur Panamá). This ambitious goal is supported by an international promotion strategy designed to capitalize on the interest of corporate travelers seeking comprehensive experiences. “For 2026, the foundations are already solid: 81 international events have been secured and incentivized, of which 37 are fully confirmed,” Promtur stated. These figures point to a significant economic impact, with an estimated 63,000 international participants expected to generate more than 262,000 room nights. Promtur highlighted that these events will inject direct revenues of approximately $119 million, underscoring that conventions are key to attracting high-value travelers whose average daily spending of $455 benefits the entire tourism value chain. Projection theory finds practical validation in recent events such as the International Economic Forum on Latin America and the Caribbean, organized by Banco de Desarrollo de América Latina y el Caribe (CAF), held at the end of January 2026, which emerged as one of the strongest economic drivers at the start of the year. According to the Autoridad de Turismo de Panamá (ATP), the capital recorded an average hotel occupancy rate of 85% during the event, representing a 12% increase compared