Friday, October 3, 2025.
The Quiet Strength of Forgiveness
Yesterday, in the Jewish faith, Yom Kippur was observed; the Day of Atonement. This is a sacred pause, a time of deep reflection, humility, and forgiveness. Though it belongs to one tradition, the essence of this day carries a lesson that belongs to all of us: the human need to ask for forgiveness and the equally human need to extend it.
To ask for forgiveness is never easy. It requires us to face ourselves honestly, to set aside pride, and to admit that our words or actions have caused hurt. The timing may vary. Sometimes it must be asked in the quiet immediacy after a wrong has been done, other times it comes much later, when we find the courage to confront what has been left unsaid. Yet whenever it is asked sincerely, forgiveness has the power to soften hearts and heal wounds that might otherwise grow deeper with time.
To forgive is just as challenging, but it is also liberating. Forgiveness does not mean that what happened was acceptable, nor does it mean we must continue a relationship that brings harm. A toxic friendship, a fractured family tie, or a pattern of hurtful behavior need not be excused or allowed to repeat. Forgiveness does not bind us to people who damage our peace, it frees us from the chains of resentment they leave behind.
True forgiveness is an act of strength. It is the choice to release anger, bitterness, or the need for revenge, and instead to reclaim our own peace of mind. It may restore relationships, or it may allow us to part ways without carrying the heavy weight of what could have been. Both paths hold value, because both are rooted in healing.
Why should we ask for forgiveness? Because it honors the humanity in others and in ourselves. Why should we forgive? Because life is too short to live imprisoned by the mistakes of yesterday. Forgiveness clears space for growth, for compassion, and for the possibility of a lighter heart.
As this season of atonement reminds us, there is dignity in asking, and there is wisdom in letting go. May we each find the courage to seek forgiveness when it is needed, and the grace to offer it when we are asked. In doing so, we do not erase the past, but we step forward into the future with greater clarity, compassion, and strength.
Brett Mikkelson
Director, B.M. Investigations, Inc. – Private Investigations in Panama
TOP NEWS and TIDBITS:
Panama Inaugurates the Business & Investors’ Day 2025, Showcasing its Potential as a Regional Hub and a Safe Investment Destination
Panama officially opened the Business & Investors’ Day 2025 (PBID 2025) this Monday, organized by the Brazil–Panama Chamber of Commerce and Industry. This marks the country’s first major business forum since joining MERCOSUR as an Associated State.
The event brought together more than 150 entrepreneurs, investors, and government representatives from across the region, with the goal of positioning Panama as a regional business hub and a reliable destination for foreign capital.
At the inaugural ceremony, Minister of Commerce and Industries Julio Moltó stated that “Panama presents itself as a trustworthy and competitive country, opening its doors to South American investments and connecting them with North America, Europe, and the world.” He emphasized that Panama’s integration into MERCOSUR represents “a new era of opportunities to strengthen trade ties and attract investment into the country’s strategic sectors.”
Minister of Economy and Finance Felipe Chapman, who participated in the panel “Economic and Trade Outlook”, highlighted that Panama is consolidating itself as “the heart of the Americas” thanks to its strategic location, dollarized economy, institutional stability, and robust logistics and financial platforms.
Chapman stressed that, beyond its traditional strengths in logistics and financial services, Panama offers opportunities in high-value tourism, innovative agribusiness (such as Geisha coffee, pitaya, finger lime, and Sindhu mango), digital economy (data centers, fintech, call centers), as well as climate resilience projects, renewable energy, and the circular economy.
He further noted that Panama’s air and maritime connectivity—with more than 170 routes and competitive costs—provides access to 90% of Latin American countries within just a few hours. Complementing this are special regimes such as the SEM Law and economic zones that facilitate the establishment of regional headquarters and manufacturing operations, along with more than 23 trade agreements granting preferential access to a market of over three billion people.
For his part, Moltó underlined the strength of Panama’s special regimes and its “unique” logistics infrastructure, which he said make Panama the “ideal platform for strategic industries and services that generate sustainable value and position the country as both a point of departure and arrival for regional growth.”
The Ambassador of Brazil in Panama, João Mendes Pereira, described PBID 2025 as “a unique platform for Panamanian and Brazilian companies to identify new opportunities for expansion within the framework of MERCOSUR regional integration” and announced that Brazilian President Luiz Inácio Lula da Silva will visit Panama in 2026.
Janaina Tobia Quisinski, President of the Brazil–Panama Chamber of Commerce and Industry, highlighted the Chamber’s role as a bridge between the private sectors of both countries. “Here we provide participants with strategic information, high-level contacts, and concrete business opportunities. We aim to build real opportunities, connect the right people, and forge valuable partnerships so both nations can grow together,” she said.
The forum unfolds over two thematic sessions — Business Day and Investors’ Day — featuring conferences on trade, logistics, strategic investment, and Panama’s competitive advantages, as well as panels presenting success stories from international companies such as Tramontina, Wise Tech, EFG Bank, Deloitte, Maersk, Grupo LAFISE, and other regional leaders.
In addition to presentations and panels, PBID 2025 includes networking spaces, executive luncheons, and hospitality blocks aimed at fostering strategic partnerships between entrepreneurs, investors, and authorities.
By hosting the Business & Investors’ Day 2025, Panama reaffirms its commitment to regional integration and demonstrates its potential as a logistics, financial, and services platform for hemispheric trade, reinforcing its appeal as a safe destination for foreign capital and consolidating its role as a strategic partner for Latin America.
Fuels in Panama: Gallon Prices and the New Rates by Province Until October 17
The National Energy Secretariat has shared the new fuel prices per liter in Panama, which will be in effect from Friday, October 3, until October 17. According to the list, 95-octane gasoline will decrease by 0.8 cents, 91-octane gasoline will drop by 1.6 cents, and diesel will register an increase of 1 cent.
Reference prices are calculated based on international values of refined products (gasoline and diesel), quoted on the U.S. Gulf Coast, Panama’s main supplier market.
Prices per gallon:
- 95-octane gasoline: B/.3.45
- 91-octane gasoline: B/.3.27
- Diesel: B/.3.17
Fuel prices by province in Panama:
Panama and Colón
- 95 octane: B/. 0.914 per liter
- 91 octane: B/. 0.864 per liter
- Diesel: B/. 0.840 per liter
Arraiján and La Chorrera
- 95 octane: B/. 0.917
- 91 octane: B/. 0.866
- Diesel: B/. 0.843
Penonomé, Aguadulce, and Divisa
- 95 octane: B/. 0.922
- 91 octane: B/. 0.872
- Diesel: B/. 0.848
Las Tablas
- 95 octane: B/. 0.930
- 91 octane: B/. 0.880
- Diesel: B/. 0.853
Boquete and Border Areas
- 95 octane: B/. 0.938
- 91 octane: B/. 0.888
- Diesel: B/. 0.864
Volcán
- 95 octane: B/. 0.940
- 91 octane: B/. 0.890
- Diesel: B/. 0.866
Changuinola
- 95 octane: B/. 0.964
- 91 octane: B/. 0.914
- Diesel: B/. 0.890
Panamanian Experts Highlight Global Leadership in Maritime Security and Water Management at Latin American Forum
At the Latin American Pilots Forum held in Lima, the delegation from the Panama Canal Pilots Association (APCP) presented the Canal’s role as a global benchmark in safe operations and water resource management with an impact on millions of people.
Captain Álvaro Moreno, member of the APCP Board of Directors and Senior Vice President of IMPA, stated that the Panama Canal’s experience has helped strengthen international maritime security, setting standards of efficiency and reliability for global navigation.
Moreno highlighted the Río Indio Project, a strategic initiative aimed at expanding water storage capacity in the Canal Basin. He explained that this project would benefit both ship transit and the supply of potable water to nearly two million people in the cities of Panama and Colón, thanks to the current operation of eight water treatment plants in Lake Gatún and plans to open more plants in the coming years.
The Forum also provided a platform to discuss the ongoing risks faced by pilots and seafarers, emphasizing the need to strengthen safety measures during boarding and disembarkation, as well as the importance of cooperation between associations to build a safer, more efficient, and competitive maritime sector.
The Panamanian delegation emphasized that the Canal’s experience, with over a century of operations and world-class standards, continues to serve as a living laboratory for best practices in navigation, and that the future of the sector demands innovation, sustainability, and skilled talent.
Colombia–Panama Interconnection: Authorities Coordinate Actions with a Social and Community Focus
On Wednesday, Minister of the Presidency Juan Carlos Orillac led the first inter-institutional meeting to coordinate preliminary actions for the Colombia–Panama Electric Interconnection Project, which will feature a 500-kilometer transmission line with the capacity to transport up to 400 megawatts (MW).
The meeting included authorities from four ministries within the social cabinet and four entities linked to the energy sector. Its purpose was to develop a roadmap for engaging with communities located along the route of the transmission line, with the goal of hearing their needs and addressing the most urgent issues in health, education, infrastructure, and electricity.
Attendees included the Minister of Environment (acting), Oscar Vallarino; Minister of Health, Fernando Boyd Galindo; Minister of Public Works, José Luis Andrade; and the Vice Minister of Indigenous Affairs, Doris Bill. Also present were National Energy Secretary Rodrigo Rodríguez, ETESA General Manager Roy Morales, ASEP Administrator Zelmar Rodríguez, and Director of the Rural Electrification Office, Antonio Clément.
“The government of President José Raúl Mulino is fully committed to supporting the comarcas and integrating them into government projects. We want communities to feel the State’s presence from the start,” Orillac said, emphasizing that the installation of transmission towers could create local employment opportunities.
Authorities agreed to establish a permanent working group, with designated representatives to directly engage with communities. These groups will meet biweekly.
Project Route
The interconnection will start in Panama City and pass through Alto Bayano collective lands to Agua Fría, crossing the Guna Wargandí comarca and reaching Mulatupu in Guna Yala. From there, a submarine segment will traverse the Caribbean Sea to Necoclí, Colombia.
Timeline and Scope
Construction is scheduled to begin in the second half of 2026 and is expected to be completed by the first half of 2029. According to the National Energy Secretariat, the project will strengthen regional energy integration, boost competitiveness, generate economic, social, and environmental benefits, and provide electricity to historically underserved communities.
This project was reaffirmed in March 2025, when Presidents José Raúl Mulino and Gustavo Petro signed a joint declaration at the Palacio de las Garzas, prioritizing the electric interconnection between the two countries.
Panama’s FAP Savings Double to US$3,028.8 Million Following Promissory Note Swap for Bonds
The Panama Savings Fund (FAP), the “savings reserve” created to support the country in difficult times, has just announced that it reached US$3,028.8 million, the highest level since its creation in 2012. This surge came after a transaction carried out in the last days of September, when the FAP converted the promissory notes delivered by the government in 2024 into state bonds.
Thanks to this transaction, the FAP’s assets increased from US$1,637.9 million to US$3,028.8 million, a growth of US$1,390.9 million, nearly doubling its size.
In its 12 years of existence, the FAP has grown from the initial US$1,200 million, inherited from the Development Trust Fund—formed with proceeds from privatizations in the 1990s, such as INTEL (telecommunications) and IRHE (electricity)—to US$3,028.8 million, representing a 2.5-fold increase. However, the largest portion of this growth occurred through the swap of outstanding promissory notes, which contributed the additional US$1,390.9 million.
Contributions from the Panama Canal to the FAP had been accumulated and not transferred from 2018 to 2023. According to Law 38 of 2012, a portion of the Canal’s annual surpluses must be allocated to the FAP to strengthen national savings, once the state budget’s needs are covered. During Laurentino Cortizo’s government, then Minister of Economy Héctor Alexander argued that due to the fiscal challenges and the impact of the pandemic, it was not feasible to continue transferring contributions to the FAP as legally required, which led to accumulated pending payments.
However, funds were withdrawn from the FAP during the COVID-19 pandemic, when the government used US$100 million to finance emergency programs and social measures, marking the first time the fund had been tapped since its creation.
In 2024, as a temporary measure, the then-government agreed to issue promissory notes with interest to cover contributions for those years. Subsequently, the current administration capitalized approximately US$31 million corresponding to 2018 and 2019 as a first step toward catching up. With this week’s transaction, the government and the Ministry of Economy and Finance (MEF) finally settled the pending contributions from 2020 to 2023 by swapping the promissory notes for negotiable bonds.
The swap involved exchanging the notes for three state bonds: a Global Bond at 6.40% maturing in 2035, a Treasury Bond at 3.36% maturing in 2031, and another Global Bond at 3.87% maturing in 2028.
Abdiel Santiago, Secretary of the FAP, explained to SNIP Noticias:
“This is positive for the FAP. The promissory notes we held were non-negotiable instruments, while the bonds we received are liquid and tradable assets. Although the promissory notes had a nominal coupon of 7.45% and the bonds around 4%, what matters is the market value: the present value of the bonds is equivalent to the estimated value of the notes. In other words, we fully preserved the economic value of our holdings while improving the quality and liquidity of our portfolio.”
He added that the government also benefits:
“With today’s transaction, the national government and the MEF finally fulfill the pending contributions for 2020–2023 by swapping promissory notes for negotiable bonds. This represents a significant win both for the FAP—because it now holds liquid assets—and for the government, because issuing bonds reduces net debt, something that was not possible with the promissory notes.”
The original face value of the bonds totaled US$1,474.6 million, but their market price as of September 26 was US$1,390.9 million, equivalent to the economic value of the promissory notes. This ensured that the FAP received bonds of the same value as the notes, now in the form of tradable assets.
Mario Amaya, Chairman of the FAP Board, highlighted that the operation “strengthens national savings and allows the Fund to better fulfill its role as a safety net in difficult times. It also modernizes the composition of FAP assets and provides tools to respond more efficiently to emergencies and capitalize on investment opportunities.”
The FAP was created in 2012 to receive a portion of the Panama Canal’s surpluses and form a sovereign savings fund that the country can use during economic emergencies. With this week’s swap, the pending contributions from 2020 to 2023 have been converted from promissory notes into negotiable bonds in the financial markets.
Panama Assumes the Presidency of the Latin American Forum of Environment Ministers Until 2027
Panama has assumed the presidency of the Forum of Ministers of Environment of Latin America and the Caribbean for the 2025–2027 period, following a consensus election held during a forum meeting in Lima, the Ministry of Environment announced on Wednesday.
“Panama assumes this Presidency with the conviction that the region can no longer afford to lose forests, unique species, pollute its rivers, or destroy its fisheries and oceans. Nor can we continue working with fragmented agendas,” said Panama’s Minister of Environment, Juan Carlos Navarro.
Specifically, the Panamanian minister took office as president of the forum until 2027 after being elected by consensus during the XXIV meeting held this week in Peru’s capital.
“Our commitment is to demonstrate that the effective conservation and protection of our natural heritage on the ground is the urgent path forward. At the same time, regional integration is the only way to respond effectively to the environmental crisis that threatens our lives and communities, thereby building a more just and resilient future for our peoples,” added Navarro.
Upon assuming the presidency, Panama proposed that the forum focus efforts on real and effective on-the-ground conservation, ensuring the genuine protection of the region’s extraordinary biodiversity, and curbing pollution, according to a statement from the Ministry of Environment.
Panama also emphasized strengthening regional cooperation, promoting more ambitious environmental policies, and reaffirming Latin America and the Caribbean’s role as a united bloc with a global leadership voice in sustainability.
The Forum of Ministers of Environment of Latin America and the Caribbean, which brings together representatives from 33 countries, is the region’s main high-level space for environmental dialogue and cooperation, where common priorities are set and efforts coordinated to address environmental challenges.
The forum’s board of directors consists of eight members representing the four subregions of Latin America and the Caribbean and is mandated to coordinate the political will of countries to strengthen regional cooperation in environmental protection.
Since September, Panama has also held the pro tempore presidency of the Central American Commission on Environment and Development (CCAD), an entity of the Central American Integration System (SICA).
BlackRock Nears Acquisition of AES for Approximately US$38 Billion, International Media Report
BlackRock’s Global Infrastructure Partners (GIP) is reportedly in advanced talks to acquire the electric utility company AES for approximately US$38 billion, including debt, according to the Financial Times.
Sources cited by the FT indicate that, although the deal could be finalized soon, it is not yet closed, and there remains a possibility that it may fall through.
Meanwhile, Bloomberg reports that GIP could acquire AES “in the coming days,” according to people familiar with the matter.
This potential transaction comes in the context of AES having explored “strategic options,” including a possible sale, since last July, when Bloomberg first reported the company’s interest.
The market has already reacted: AES shares rose more than 14% following the publication of the rumors.
In Panama, AES maintains a significant presence in the energy sector through AES Panama and AES Colón, operating hydroelectric and thermal plants, as well as the country’s first liquefied natural gas (LNG) plant. The company is one of the leading private electricity generators in the local market and a key player in the transition toward cleaner energy sources.
