Economy Politics Local 2026-01-03T01:09:21+00:00

Panama Launches Mortgage Program for Construction Workers

Panama's President José Raúl Mulino introduced the new 'Juan Albañil' mortgage program, which for the first time in the country's history gives construction workers the chance to buy their own homes under accessible terms.


Panama Launches Mortgage Program for Construction Workers

For the first time in history, construction workers in Panama have a real opportunity to fulfill their dream of owning their own home. President José Raúl Mulino, along with Caja de Ahorros and Mitradel, announced this Thursday a plan for exclusive mortgage loans for these workers, adapted to their salary and the reality of their daily work. The project, named 'Juan Albañil', pays homage to the men and women who build the country with their own hands. 'This government gives us this opportunity... now we can think about having our own roof for our families,' one worker emotionally shared. The manager of Caja de Ahorros, Andrés Farrugia, assured that the product is not just financial but a tool to reduce the economic exclusion gap: 'We promote dignity, stability, and security for thousands of workers and their families.' Mulino highlighted at the launch: 'You strive to get to your jobs and build these monuments... Today you will have the possibility to access your own home and that gives a sense of belonging... It wasn't for lack of money, but for lack of access, and that is over.' For Luis Ángel Rodríguez, a construction worker, the news is a relief and a dream come true. 'We have always paid rent and thought that a loan like this was not for people like us.' The mortgage product features competitive rates, flexible conditions, and a simpler approval process. Interested parties must have at least one year in their current job, or recent continuous employment in construction, and a minimum income of B/. 940. With this initiative, thousands of workers can finally stop paying rent and start building their own assets, while continuing to erect structures that make Panama grow. They are the engine of the economy, and now they will have a dignified roof for their families.