Take pressure off in Panama

The Panamanian authorities charge between US $10,000 and US $250,000, depending on the size of the vessel, to pass through the Canal. Ships wanting to pass through the Canal must pay cash, no cheques, no draft. That is where Panama makes more than US $1 billion a year.

They are no different from Trinidad and Tobago - the climate is the same, the people are friendly, and shopping is a way of life. But the traffic on the roads is horrendous, and the motorists impatient.

The country is serving as a beach head for Insurance powerhouse, Guardian Holdings Limited (GHL) into Central America.

GHL recently announced its acquisition of 20 percent of the issued share capital of Panama insurance companmy, Grupo Mundial Tenedo SA. The company said it paid about $27M in consideration for the allottment of 2,960,645 newly issued shares, which amounted to 20.1 percent of the Panama company.

Panama hit world headlines in the 1990s when the United States invaded that country and seized its President Manuel Noreiga who was taken to Miami where he was tried, convicted and jailed for certain crimes.

US troops have remained in Panama and it was no surprise for the Panamanians to have the US dollar as their currency, although some refer to it as the Balboa.

Nationals of that country openly speak about certain businesses in the capital posing as fronts for money laundering activities. They also believe that some of the casinos are also fronts for money laundering as there is no limit on bets at these places.

Shopping is very cheap : Gent shirts go for as little as US $2, short pants US $1, and ready-made curtains, US $1.50. Trinidad and Tobago nationals take full advantage of the prices and flock to Panama on a regular basis to buy in bulk for re-sale in this country.

With Christmas around the corner, Panama officials revealed that Trinidad and Tobago nationals invade their country, seeking the best buys so they can make a killing in this country in December.

There are two ways for Trinidad and Tobago nationals to reach Panama. They can go via Miami, or Venezuela but whichever way they chose, they leave TT Customs officials with plenty of work to do on their return.

Public transport in Panama is very cheap. One can take the bus or the ‘Red Devils" as they are called. These buses are very old fashioned and not as modern as what the PTSC possesses. These buses are confusing and should only be used in the many avenues in Panama City. The fixed rate is 25 cents and must be paid when one leaves the bus.

Travelling by taxi is also cheap. The highest rate for two persons in a taxi is $2 to go anywhere within the city. The Tocumen International Airport is a 45 minute journey from the city and it costs between $10 and $15 for the trip.

Downtown Panama City is relatively safe, but the police have warned that it could be extremely dangerous at night. Panama’s only rail road has two destinations. The tracks are parallel to the Panama Canal and pass through the rainforest, making this an interesting journey.

One thing which Panama does not lack are hotels with hotels and guest houses seen almost everywhere.