The Panamanian Banking Association expressed concern about the possible effects of Bill No. 388, which deals with the administrative recognition of the statute of limitations on debts. According to the association, beyond its dubious constitutionality, this initiative could have important implications for access to credit for individuals, families, and companies in the country. The guild maintains that in Panama, the credit system is based on the trust and commitment of the vast majority of bank customers to meet their obligations. This could translate into more expensive or harder-to-obtain loans, affecting especially families, entrepreneurs, and small businesses that depend on financing to advance and build opportunities. The association warns that some provisions of the bill could create a wrong incentive, prompting some debtors to evade their commitments until their debt prescribes, taking advantage of the elimination of any negative reference in their credit history as proposed by the bill. In contrast, those who, with effort and sacrifice, face debt restructuring and payment will see their temporary credit difficulties reflected in their credit history, which could send an unfair signal to those who act responsibly and weaken the conditions that today promote a culture of payment in Panama. The guild also highlights that the bill introduces a new and inadequate administrative route for the prescription of debts before the bank, the Superintendency of Banks, and eventually the Supreme Court, while the traditional judicial process would remain in force. Finally, it reiterates its willingness to engage in technical dialogue to strengthen consumer protection and legal certainty.
