The President of the Republic of Panama, José Raúl Mulino, revealed the details of a bill that he will introduce to the legislative system for analysis and debate in the National Assembly. The main objective of this proposal is to facilitate the acquisition of affordable housing for Panamanian families while also boosting the construction sector as a driving force of the country's economy.
According to Mulino, this initiative will have a multiplier effect on the economy, as the construction industry generates both direct and indirect jobs, thus contributing to overall economic growth. The President emphasized that the key purpose of this project is to provide accessible housing to Panamanian families and activate the construction sector.
A fundamental aspect of the plan is the cancellation of outstanding obligations with the financial sector, which amount to 272 million dollars and must be settled during this year. This will allow for financing schemes to be offered to builders and developers for new housing developments and the sale of leftover housing inventories from previous periods.
The bill proposes a staggered fiscal subsidy scheme to facilitate home purchases, taking into account different price ranges. For example:
- Homes up to $50,000 will receive a 4% subsidy with a term of eight years. - Homes up to $80,000 will receive a 3.5% subsidy with a term of seven years. - Homes up to $120,000 will receive a 3% subsidy with a term of six years.
Mulino highlighted that this measure has been well received by the construction sector and housing developers in Panama, considering it a fundamental tool for economic recovery. The president expressed confidence that the project will progress without significant obstacles in the National Assembly, once the discussion regarding the Social Security Fund has been completed.
Through this proposal, the government seeks to enhance access to housing, revitalize the economy, promote job creation, and ensure stability in the country's real estate and financial sectors.
