On March 2, 2023, during the opening ceremony of the 2023 Our Ocean Conference, Laurentino Cortizo, President of Panama, and Milciades Concepción, Minister of Environment, signed the decree to substantially expand the limits of the Banco Volcán Area of Managed Resources (Banco Volcán AMR) to further protect and steward important marine ecosystems, endangered flora and fauna, and important fishing resources found within Panama’s territorial waters in the Caribbean Sea. The expansion increases the size of the Banco Volcán AMR from approximately 14,200 sq km to over 90,000 sq km, with at least half of the total zone designated as a fully protected marine area where no extractive or environmentally damaging activities will be allowed.