Something that was bound to happen here in Panama as the middle class grows and consumer spending increases – protection!

A new bill in Panama provides guarantees in real estate development and makes tips voluntary, among other topics. From a statement by the Authority for Consumer Protection and Competition (ACODECO):

ACODECO presented to the press a proposal which contemplates reforming Law 45 on Consumer Protection. The general manager of this entity, Pedro Meilan said that in the past, comments have been made over some points, mainly concerning housing, where the amounts are substantial and it is perhaps one of the main aspirations of human beings, to own their own homes.

From May 2006 until January 2013, ACODECO received 3.086 complaints against the real estate sector worth B/.225, 143,775.00.

Failure in contracts (969 cases worth more than 82 million dollars) tops the list of reasons, followed by failure with guarantees (615 cases worth B/.51 and a half million ) and thirdly, consumer demands for refunds (357 cases worth over 16 and a half million balboas).

With these reforms we believe that consumers will benefit because, in case of a claim, economic operators will be able to meet the demands.